Chase Bank is advertising some of the best mortgage rates available today. We were quoted current mortgage rates for a single family home mortgage in the state of California, with a price of $400,000, a 20 percent down payment and with having an excellent credit history.
The mortgage loan rates quoted were a mixture of fixed mortgage rates and adjustable mortgage rates.
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The mortgage loans were all under 5.00 percent except for a 30-year fixed with 1.25 discount points. Points or discount points allow you to pay a fee up front to buy down the mortgage rates. Often when refinancing a mortgage the points are rolled into the mortgage home loan if you have enough equity.
The mortgage rate we received for a fixed rate 30-year mortgage is 5.125 percent, with 1.25 points. You can get an interest rate under 5.00 percent if you are willing to buy more discount points. The 30-year fixed rate mortgage is only 4.875 percent with 2.375 discount points.
The mortgage interest rate for a fixed rate 15-year mortgage is 4.50 percent with 1.375 discount points. The bank mortgage rate is 4.25 percent with 2.625 discount points. On a $320,000 mortgage loan with 2.625 points the upfront cost would be $8,400 so buying down the mortgage rate only pays if you plan to be in the home a long time.
The adjustable mortgage rates were also some of the best mortgage interest rates around. Today’s mortgage rate on a one-year ARM at Chase Bank is 4.00 percent with 1.125 points. For a 5/1 ARM the home loan rate is also 4.00 percent with 1.125 points, the 5/1 mortgage rate can be brought down to 3.625 percent with 2.00 discount points. The 7/1 adjustable mortgage rate is 4.50 percent with 1.125 discount points and 4.00 percent with 2.25 discount points.
Author: Monitorbankrates.com
August 25th, 2009
