Mortgage Rates Erase Last Week's Losses

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Blue Home Loans, Inc, comments on the recent mortgage rate movement reported by Mortgage News Daily and offers some insight for California homeowners and potential home buyers.

After another moderate drop in rate levels helped mortgage rates erase last week's losses, yesterday marked the fifth best day for mortgage rates in 2014. Blue Home Loans, a full-service California mortgage company that has been helping clients to save the maximum amount on their home loans by providing the lowest wholesale California mortgage rates and the best home loan programs, takes a look at this recent mortgage rate move and offers some advice for those with home loan plans for the near future.

The mortgage company comments on the December 30th report from real estates news website, Mortgage News Daily, which says, "Mortgage rates fell today. The move wasn't big, but it was enough to claim the 5th best spot of 2014. The 4 other days were consecutive and began on December 12th. While this is a positive turn of events, it's not the product of any great determination on the part of market participants. That's easy enough to see due to the fact that market participants are largely absent relative to non-holiday weeks."

That same article goes on to explain, "Perhaps even more interesting than today being a "top 5" day is that it fully erases the small spike in rates that began on Tuesday of last week. Wednesday morning wasn't great either, but as hoped, that was the worst of it and rates have eased lower every day since then. The current movement doesn't really speak to any longer term trends, but it's a welcome recovery nonetheless. The most prevalently-quoted conforming 30yr fixed rate is now back down to 3.875% with some lenders at 3.75% for top tier borrowers."

Blue Home Loans explains that while this recovery is definitely encouraging, it is still important for borrowers to stay cautious. Market participation has not been at normal levels due to the holidays, so even though the trend now is for rates to tiptoe lower, this could change when investors really get back to work, probably next Monday. Until then there is no way to tell if this recent movement will be sustained in the longer term. For now, the California mortgage company says those who are near to closing on their home loans might want to play it safe and lock in their rates if they have not done so already.

Those who have not applied for a home loan yet should see that they do this soon, since rates have a chance of going lower at the beginning of next year but are predicted to rise ahead of the Fed's rate increase, which is expected to come sometime in the middle of the year. California borrowers who want to be sure that they benefit from the best California mortgage rates will find that they can count on the mortgage experts at Blue Home Loans to find them the best rates and mortgage programs for their unique financial situation and home loan goals. The Blue Home Loans website states,

“We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs."

For more information on how Blue Home Loans can help California home loan borrowers get approved for their home purchase loan or refinance quickly, please visit BlueHomeLoans.com or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.

California Bureau of Real Estate -- BRE #01938557 NMLS #1162386

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Brandon Blue
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