Chase Bank 1 Year ARM Refinance Rate of 4.427%

JP Morgan Chase Bank is offering a 1 year adjustable rate mortgage with an annual percentage yield of 4.427 percent.

The mortgage quotes we received from Chase was for refinancing a loan of $400,000 on single family home in Florida. A primary residence with an estimated home value of $600,000. The credit history selected for this quote was “very good”.

We also received the following mortgage quotes based on the assumptions listed above.

Fixed Rate Mortgages

• 30 year fixed mortgage – 5.036% APR – 1.375 points
• 30 year fixed mortgage – 4.872% APR – 2.375 points
• 15 year fixed  mortgage – 4.718% APR – 1.00 point
• 15 year fixed mortgage – 4.619% APR – 2.00 points

Adjustable Rate Mortgages

• 5/1 Adjustable rate mortgage – 4.75% APR – 1.125 points
• 5/1 Adjustable rate mortgage – 4.517% APR – 2.125 points
• 7/1 Adjustable rate mortgage – 4.881% APR – 2.125 points
• 7/1 Adjustable rate mortgage – 4.770% APR – 2.00 points
• 1 year adjustable rate mortgage – 4.427% APR  – 1.00 point
• 1 year adjustable rate mortgage – 4.437% APR  -  2.00 points

We didn’t receive quotes for interest only mortgages. Chase bank has been more conservative with their loans these days. These rate quotes are as of April 12th, 2009. Quotes will vary by state, loan amount and credit history.