The 5 year Adjustable Rate Mortgages are available starting at 3.375% at Chase with an APR of 3.138%. 7/1 ARM loans are listed at 3.500% with a starting APR of 3.255%.
What does it cost to refinance?
Standard 30 year refinance loan interest rates at Chase stand at 4.375% and an APR of 4.481%. Shorter term 15 year refi loan interest rates at the bank are 3.500% with an APR of 3.646% today. In the ARM arena, 5 year refinance interest rates are coming out at 3.250% at Chase. and an APR of 3.094%. 7 year refi Adjustable Rate Mortgages are 3.500% currently with a starting APR of 3.234%.
The bigger picture
Rates often go up and down because of MBS’s (mortgage backed securities) that are in concert with stock market movements. The stock market waned by the end of trading with the DJIA at 15,337.70 up -0.73%.
For today at least the bank moved along with the days trading results. Separately, the banks stock price moved higher to 53.66 up +0.69%.