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You rarely see the word "sale" used in relation to mortgage rates.
A predetermined discount off a home loan rate before you even sit down to complete an application is all but unheard of.
However, Chase Home Loans is doing just that (again).
And with the spring home-buying season upon us, the timing couldn't be better.
Chase Home Lendinghas discounted mortgage rates nationwide with a limited-time mortgage rate sale on purchase and refinance applications, available only from Monday, May 4, through Sunday, May 17.
Chase says the discount can be as much as a quarter-point (0.25%).
For example, an offered rate of 6.5% could be cut to 6.25%.
That would save a borrower over $20,600 in interest on a $350,000 loan with a 30-year term — and reduce the payment by more than $55 a month.
Mortgage rates are already nearly a half-point lower than one year ago, so any additional rate reduction can increase your homebuying power — or yourrefinancesavings.
The rate discount applies to the life of the loan onfixed-rate mortgages.
Foradjustable-rate mortgages, the discount will apply during the loan's initial fixed-rate period of the loan.
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