Chase Home Lendings' mortgage rate sale returns for a 3-week run

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With mortgage rates pushing 7%, the timing of a "rate sale" couldn't be better. Chase Home Lending is once again hosting a limited-time interest rate discount promotion.

The national lender launched its first weeks-only offer just over a year ago. Apparently, it's been enough of a success that Chase is bringing the rate sale back for its third encore.

When is the Chase Home Lending rate sale?

The rate discount is available for three weeks only, from Monday, Sept. 14, through Sunday, Oct. 4. Chase Home Lending will offer homebuyers and homeowners discounted rates on all new mortgage purchase and refinance loans. The sale is available for both new and existing customers.

While offers vary by state, Chase says qualified buyers can receive up to 0.25% off their loan interest rate. For example, an offered rate of 6.75% could be cut to 6.50%. That would save a borrower over $23,800 in interest on a $400,000 loan with a fixed-interest 30-year term — and reduce the payment by more than $65 a month.

The discount applies to the life of the loan on fixed-rate mortgages . For adjustable-rate mortgages , the discount will apply during the loan's initial fixed-rate period.

Borrowers can also combine the offer with other offers, grants, and discounts, subject to program terms and eligibility.

No discount points or fees are tied to the rate discount.

"Mortgage rates can move week to week because they're influenced by a mix of market factors including inflation trends, economic conditions, jobs data, investor expectations and what's happening in the bond market," Ryan Hayes, head of retail sales at Chase Home Lending, told Yahoo Finance in an email.

The Chase rate sale offers a break to rate shoppers at a time when mortgage rates have resisted moving lower.

"Rather than trying to time the market, I recommend that consumers remain focused on their financial goals and the steps they can take to get there," Hayes added.

"The fall housing market typically slows after peak summer season," Erik Schmitt, head of consumer direct sales at Chase Home Lending, said in an email. That can be a good time for hopeful buyers to get financially prepared for loan approval.

"Start with the fundamentals: strengthening your credit profile, reducing exist debt where possible, and building up your savings," Schmitt added. "Because everyone's financial situation is different, I encourage buyers to meet with a home lending professional who can compare loan scenarios to find an affordable, sustainable monthly payment."

In such meetings, hopeful home buyers can learn about loans with down payments as low as 3%, closing cost grants, additional discounts, and homebuyer assistance programs.

To qualify for the rate sale, borrowers must lock in an interest rate before Sunday, Oct. 4. Rate locks can apply for up to 60 days in some locations, and the Chase "Lock and Shop" program protects your rate for 90 days and includes a float-down option if rates fall.

The rate sale applies to all Chase home purchase and refinance programs, including FHA loans .

Customers must meet standard loan qualifications — there are no additional requirements to be eligible for the discounted rate. Minimum credit score, loan-to-value, and property value guidelines apply, depending on the loan program. For example, a conventional loan has a higher credit score requirement than an FHA loan.

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