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Chase is offering what it describes as its first nationwide “mortgage rate sale,” an unusual approach in the traditionally buttoned-up mortgage market.
With a limited-time discount on home purchase loans, available through August 18, Chase is bidding to give buyers a little more breathing room in one of the most expensive markets in history.
“In today’s market, affordability remains a top concern for homebuyers, and Chase wants to meet customers where they are,” says Bhavesh Patel, consumer channel executive for Chase Home Lending. “In doing so, we are introducing this limited-time rate sale as a way to help buyers navigate the market and make homeownership more accessible.”
The discount can be as much as a quarter of a percentage point off your rate, Patel says. This move could turn a 6.5% offer into 6.25%. On a $350,000 loan, that would cut more than $55 off the monthly payment and save over $20,600 in interest over 30 years, according to Chase.
For fixed-rate mortgages, the discount lasts the life of the loan; for adjustable-rate loans, it applies to the initial fixed period.
Patel says the exact discount depends on factors like loan type and location, and it’s open to all qualified buyers nationwide.
The sale applies to a range of loan programs, including FHA loans, and can be stacked with other Chase offers, like its relationship pricing program and certain homebuyer grants. To get it, borrowers must lock their rate during the promotional period.
With Pending Sales Slipping, Can Rate Drops and Discounts Change the Game?
The offer drops at a time when pending home sales are edging lower.
National Association of Realtors data shows contract signings were down 0.8% in June from May and 2.8% from a year ago, with regional declines in the Midwest, South and West. The Northeast was the lone bright spot, posting a 2.1% monthly increase.
“The data shows a continuation of small declines in contract signings despite inventory in the market increasing,” NAR chief economist Lawrence Yun said in a statement. “Realtors are optimistic that homebuying and selling activity will increase. That confidence is supported by the fact that mortgage applications have been rising.”
Recently, mortgage rates hit their lowest level since April, at 6.63% for a 30-year fixed, according to Freddie Mac.
But the decline offers only a slight lift in buying power and, according to experts, is unlikely to meaningfully alter the market’s trajectory.
Aaron Kirman, CEO of a Christie’s International Real Estate affiliate in Los Angeles, calls the recent rate drop a morale boost, not a market mover.
“Even with rates ticking down slightly, the bump in buying power for the average buyer is modest,” he says. “It can open the door to a few more options or slightly higher price points, but with prices still near record highs, it’s not enough to fundamentally change affordability.”
Kirman doesn’t expect a significant rebound until the middle of next year.
“A slight rate dip might spark a small uptick in activity, but without a significant drop, the headwinds are too strong,” he says.
However, with lenders like Chase now dangling limited-time discounts of up to a quarter-point, and the potential for other banks to follow suit, even a modest drop in rates could stack with these promotions to give some buyers just enough savings to justify stepping off the sidelines.
Compare the Best Mortgage Lenders of 2025
How To Snag the Lowest Mortgage Rate Possible
Even if you’re not getting a special sale rate, there are ways to maximize your shot at the best deal:
Boost your credit score. Lenders reserve their lowest rates for borrowers with strong credit. According to analysis by Experian, those with credit scores of 780 or higher get the best interest rates. The quickest ways to raise your score are to pay down credit cards, avoid new debt and check for errors on your credit report before applying.
Increase your down payment. Putting 20% or more down can lower your rate, cut your monthly payment and help you avoid private mortgage insurance.
Choose the right loan type. Fixed-rate loans offer stability; adjustable-rate loans start lower but can rise later. Match your loan to how long you’ll stay in the home.
For borrowers with lower down payments and weaker credit scores, FHA loans could be the best path toward homeownership.
Compare, compare, compare. Get at least three loan estimates. Look at the annual percentage rate (APR), which includes both the rate and certain fees, not just the headline rate.
Mortgage rates are still hovering near 7%, and one lender’s sale won’t change that overnight. But for buyers already in the hunt, a quarter-point break is real money, if you’re ready to move before the August 18 deadline.
