In an unprecedented move to spark business in a difficult housing market, a leading national mortgage lender is offering a limited-time “mortgage rate sale.”
It ends on Monday. Here are the details.
Chase Home Lending has discounted its rates on mortgages nationwide with a limited-time mortgage rate sale on purchase applications, available only through Monday, Aug. 18.
“The offer provides personalized, lockable interest rate discounts for buyers looking to save on their mortgage and is stackable with other discounts the lender offers,” a press notice said.
Erik Schmitt, digital channel executive at Chase, said 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 of interest with a 30-year term on a $350,000 loan — and reduce the payment by more than $55 a month.
The rate discount is for the life of the loan on fixed-rate mortgages, Schmitt said. For adjustable-rate mortgages, the discount will apply during the initial fixed-rate period of the loan. There are no additional discount points or fees related to the offer, he added.
The program is available on all Chase home purchase mortgages, including FHA loans.
The discount can be combined, Schmitt said, with other Chase programs, such as its relationship pricing program and the Chase DreaMaker loan, which has flexible credit requirements.
The bank also offers grants of $2,500 to $5,000 to borrowers in certain areas. Credit guidelines and income limits may apply.
Read more: Find Chase on our list of the best mortgage lenders this month
To get the discount, qualify for a Chase mortgage, and lock in your interest rate before Monday. The Chase “Lock and Shop” program protects you from interest rate increases for 90 days.
You also have a one-time relock option to get a lower rate if mortgage rates drop during your lock period.
“While customers must meet standard loan qualification criteria, there are no additional requirements to qualify for the promotional rate,” Schmitt told Yahoo Finance in an email.
Lock in your discounted Chase mortgage rate.
To qualify, home buyers must lock in a purchase rate by the end of business Monday, Aug. 18, 2025. The rate discount is not currently available for refinance loans.
Minimum credit score, loan-to-value, and property value guidelines apply, depending on which home loan program you choose. For example, a conventional loan has a higher credit score requirement than an FHA loan. The mortgage rate discount may vary by state.
Laura Grace Tarpley edited this article.
