You don’t hear about a mortgage lender having a sale very often.
But Chase is bucking the trend by offering discounted mortgage rates this month.
The limited-time mortgage rate discount doesn’t last long though.
The NYC-based bank is only offering it until August 18th, so there’s not much time to act.
You also have to determine if the sale is even worth it relative to offers from other lenders.
Snag a Chase Mortgage Rate Discount Until August 18th
From now until August 18th (just 10 days left!), Chase is offering a mortgage rate discount.
While they didn’t explicitly state what that discount is, multiple sources have said it’s up to a quarter point, or 0.25%.
For example, if the advertised rate were 6.375%, which is what I saw for a 30-year fixed today on the Chase website, you could possibly lock in a rate of 6.125% instead.
That’s pretty competitive, though you also need to know what the lender fees are, such as loan origination fee (if applicable), or if it requires any discount points.
Chase is also advertising a 7/6 ARM at 5.625%, which is pretty decent as well from what I’ve seen around.
Knock that down to say 5.375% and it’s not too shabby.
Note that these rates assume you’re making a 20% down payment on a single-family home purchase with a conforming loan amount. And it probably assumes you have excellent credit too.
In addition, refinances aren’t eligible for this promotion, so it’s geared toward home buyers only.
Loan amounts are capped below $2 million, so while you can get a jumbo loan, it can’t be $2 million or higher.
I don’t know the criteria for how Chase determines the up to 0.25% discount. Or why it might be less, such as only 0.125% off.
Either way, it’s not a massive discount by any stretch, but it is cool to see a bank/lender offer a discount to begin with.
You just don’t see it very often in the mortgage space, so I give them props for going out on a limb and doing it.
Now the million-dollar question I always ask: Is it a good deal!?!
Is the Limited-Time Rate Drop Enough to Consider Chase for Your Mortgage?
Whenever mortgage deals or specials pop up I write about them and then discuss if they’re a good deal.
By good deal, I generally mean good enough to use said bank or lender versus the competition.
The thing with mortgages is they’re complex, so you’ve got to consider myriad factors.
That includes the mortgage rate itself, the fees involved, collectively known as the mortgage APR, and the reputation of the company in question.
Obviously Chase is a massive bank and if you didn’t know, a very big player in the mortgage industry. They are far and away the top depository bank when it comes to home loan lending.
Of course, banks are known to be a little sluggish relative to nonbank lenders, who tend to be fast.
Granted, they offer their “Chase Closing Guarantee,” so if you’re worried about speed and competence, the company at least backs it up.
That brings us to pricing. As noted, the discount is only up to 0.25% off. It’s not huge.
On a $500,000 loan amount we’re talking about $80 difference per month if you get the full discount.
You’ll then need to compare that to what a competing lender can offer. Perhaps a different lender can offer a rate that’s even lower, even without any so-called discounts.
Assuming the lender fees are comparable or better, then Chase might not be the best deal, even with their discount.
So shop wisely, and by all means actually shop. Don’t just get one quote and call it a day. See what else is out there!
For the record, if you take advantage of this offer, your loan must be locked by no later than August 18th, 2025.
Read on: How are mortgage rates determined?
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.