Chase Home Lending Is Offering A Discounted Rate Promotion

Chase Home Lending is rolling out a nationwide mortgage rate sale for homebuyers, offering temporary discounts on purchase applications starting Thursday, the bank announced.

The promotion, which runs through Aug. 18, marks the first time in recent years that Chase has offered a nationwide mortgage rate discount, according to the company.

Qualifying buyers — any customer who simply qualifies for a loan, according to the bank — can receive up to 25 basis points off their interest rate, which can be combined with other discounts, including Chase’s relationship pricing.

Rates will vary depending on buyers’ unique situations. The rate sale can be combined with Chase’s Relationship Pricing Program, the Lock and Shop feature and programs like the Chase DreaMaker loan that allows qualifying buyers to put as little as 3% down.

Eligible buyers may also receive a grant of up to $5,000 when purchasing in qualifying neighborhoods.

The discounted rates are also lockable. Chase’s Homebuyer Advantage program allows buyers to lock in a rate with a one-time option to lower it if market rates drop.

The company also recently cut rates on Federal Housing Administration (FHA) loans, with some qualifying borrowers seeing up to 50 bps off their interest rate.

“Housing affordability remains a challenge for prospective homebuyers across the country,” said Erik Schmitt, Chase Home Lending’s head of home lending product and innovation.

“We’re offering the limited-time rate sale to help ease the cost of homeownership, particularly for first-time buyers. The rate sale is part of our ongoing efforts to ease the burden of homeownership by supporting buyers with competitive loan options and grants to make homeownership more accessible.”

Thursday’s announcement isn’t Chase’s first discount program this year.

In February, Chase announced a limited-time refinance rate discount that applied to customers wanting to refinance into a lower interest rate or reduce their monthly payment, as well as those looking to tap into their home equity through a cash-out refinance.

Schmitt said that Chase doesn’t have any specific targets in terms of the number of new mortgage applications or market share growth as a result of the program.

“The discount is designed to attract prospective buyers by offering meaningful rate savings at a time when the housing market is out of reach for many,” he said. “It supports our long-term strategy to expand access to affordable housing across the country.”