About a month after launching a sale on home purchase mortgages, Chase Home Lending is now running a mortgage refinance sale.
The promotion comes on the heels of some really good news for mortgage rates, which are now close to their lowest levels in the past 52 weeks.
This could make a refinance even more attractive, assuming Chase is already matching or beating other lenders on rates.
But that’s always the rub with these sorts of deals.
If the discount isn’t enough to make them the cheapest option, you may still want to look elsewhere.
Now Chase Is Having a Mortgage Refinance Sale
As noted, Chase had a mortgage rate sale last month on home purchase loans. But that excluded refinances.
Beginning today through September 21st, they are having a sale on refinance loans.
This includes both rate and term refinances and cash-out refinances, the latter of which allows you to tap home equity.
Like their purchase loan sale, the amount of the discount isn’t set in stone and apparently varies “by state,” per the Chase website.
But if it’s anything like their refinance sale, it’s probably something like 0.125% to 0.25% off the rate.
For example, they are advertising a rate of 5.875% today for a 30-year fixed conventional mortgage with approximately one discount point due at closing.
With the limited-time refinance rate discount, that rate could be 5.75% or even 5.625% instead.
Regarding that cutoff, your loan simply has to be locked by September 21st to take advantage of the deal.
So the loan can still close after that date as long as it’s locked in beforehand.
Discount Can Be Combined with Relationship Pricing
To make this offer even sweeter, you can combine the refinance discount with Chase’s relationship pricing.
While I assume most don’t have a million dollars lying around, those who do have plentiful assets can potentially get a screaming deal here.
For example, you can get up to 0.75% off your rate if you’re able to bring in $1,125,000 in new money or investments with Chase.
Taken together, that could result in an interest rate discount of 1% or more.
In other words, that 5.875% rate could be something like 4.75% instead, which is pretty unheard of at the moment.
Those with a smaller amount of assets could still get an additional discount to combine with whatever Chase is offering during the refinance sale.
Why Is Chase Running Mortgage Rate Sales Right Now?
I find this whole mortgage rate sale timing pretty interesting.
Why are they running these sales now? What compelled them to do so when mortgage rates are finally dropping?
Wouldn’t it have made more sense when mortgage rates were high, like they were for much of the year?
Well, something tells me they know/think mortgage rates are going to move even lower in the near future.
So they’re happy to let borrowers lock in a “low rate” now, and they’re creating a sense of urgency to do it now as opposed to later.
This isn’t to say they’re right (as mortgage rates are incredibly difficult to predict), nor to sit on your hands and wait for even lower rates.
We all remember what happened last year when mortgage rates reversed course last October after nearly hitting 6%.
But it certainly is curious timing. Mortgage rates have clearly been in a downward trend lately and might even dip into the 5s by the end of the year.
The once unthinkable might wind up being true if the economic data continues to be supportive of lower rates.
And even my 2025 mortgage rate prediction for a 30-year fixed at 5.875% in the fourth quarter could come to fruition.
Read on: Chase brings back its HELOC.
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.