CA Mortgage Rates Now In Line With 1.5 Year Lows – Will Improvements Continue Into The New Month?

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Blue Home Loans, Inc. takes a look at the recent mortgage rate trends, as reported by Mortgage News Daily, and offers advice for those with home loan plans in the near future.

Mortgage rates have been inching downward for most of November, with slight improvements barely noticeable by borrowers except in slightly lower closing costs. This week, which was shortened for finance markets by a day and a half due to the Thanksgiving holiday, saw an increase in pace for these decreases. As of the end of this week (Friday - which was only a half day for markets), CA mortgage rates are now in line with 1.5 year lows. California full-service mortgage company, Blue Home Loans, Inc., takes a look at the recent mortgage rate movement reported by Mortgage New Daily and gives some insight into what those with home loan plans might expect in the coming week and month.

The MND report, posted on November 28th, says, “Mortgage rates were slightly lower today, but it was in no way indicative of the improvements seen in the mortgage-backed-securities (MBS). MBS, above anything else, dictate mortgage rate movement, but the relationship isn't always one to one. Shortened holiday-related trading sessions are prime time for these periodic disconnections. In other words, it's not at all uncommon for lenders to hold off on adjusting rate sheets as much as they otherwise might.”

That same article continues, “Even against those headwinds, the week is ended with rates at their best levels since the morning of October 15th, which saw the best rates in roughly a year and a half. More than a few borrowers wished they could have locked their rates that morning, and many waited for a bounce back to those lows that never materialized. Of course today's rates essentially mean we DID get back to those lows, but only after waiting for a month and a half. While the recent, methodical drop in rates means there's an infinitely better chance of holding ground this time around, long-term lows can't ever be taken for granted.”

Blue Home Loans explains that there is still a chance that rates could go even lower in the coming week, since mortgage-backed securities (MBS) improved a good deal this week and lenders may not have passed on all of the gains yet through lower rate sheets. But, as the above quote states – long term lows cannot be taken for granted. Those who wish to take advantage of current low rates, and the possibility of lower mortgage interest rates in the near future, will want to act quickly to get a loan application started if they have not done so already. Those who do this on Monday will have the option of locking in their rate on application, or they may float their rate if they wish to hold out for lower rates around the corner.

The mortgage professionals at Blue Home Loans, Inc. can help borrowers in California to not only find the best possible home loan options for their needs, but also get the best rate possible, by both expediting the loan application process, so that their clients will not miss out on the best California mortgage rates available right now, and by keeping a close eye on mortgage rate movement for clients who wish to float and informing them of any opportunities to lock in a great rate and save money on their home loans. This excellent customer service and the very wide range of home loan programs the company specializes in are what have made Blue Home Loans, Inc. a trusted ally for California mortgage borrowers for all these years.

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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