San Diego, CA (PRWEB) December 13, 2014
California mortgage rates have been trending lower all week and yesterday’s improvements brought them close to a major milestone – mortgage rates are now at levels not seen since late May 2013, right before the full affect of the Fed taper scare caused rates to rise so high. Blue Home Loans, Inc., a full-service California mortgage company that has been helping its clients find the best home loan programs and the lowest wholesale mortgage rates for many years, takes a look at this recent development and offers some advice for those with home purchase or refinance plans in the near future.
The mortgage company takes a look at a recent article from real estate news website, Mortgage News Daily. The report, posted this December 12th, says, “Mortgage rates improved again today rounding out an entire week of gains. They're nothing to shake a stick at, either. Although the most prevalently-quoted 30yr fixed rate for top tier borrowers will remain 3.875% today, 3.75% is making a solid showing. Right now, it's neck and neck with 4.0% for the 2nd place slot. These are the best rate sheets we've seen since late May 2013. There's something special about "late May 2013." To be fair, it was especially awful as that was the beginning of the end for the golden era of low interest rates--a 1 year affair that saw top tier 30yr quotes between 3.25 and 3.75%.”
The article goes on to explain that May 22nd 2013 was one of the most jarring days of losses in mortgage rate history. That day and several others in the following months were some of the biggest shocks ever seen in day-over-day mortgage rate movement. MND explains about the current mortgage rate levels, “This week is significant because it got us back to the rates last seen on May 28th, 2013. The next few steps are massive, but if we get back to rates from the morning of May 22nd, we'll have effectively erased the taper tantrum. We'd be back in the range of the "golden era," albeit on the high side.”
Blue Home Loans explains that this is great news for anyone who has been thinking of refinancing or purchasing a new home. However, the company warns borrowers to be very cautious if they chose to wait for even lower rates, since there is a good chance that rates will “correct” higher at some point before they get much lower – if they do get lower. Those who do not want to gamble on these new low mortgage rates should start their mortgage application as soon as they can, if they have not done so already, and lock in their rates quickly. Those who choose to float their rates should of course do so carefully, with an eye on movement in finance markets (or a responsive loan officer keeping an eye on them on their behalf) and a finger on the lock trigger.
The team of mortgage professionals at Blue Home Loans, lead by father and son, Robert and Brandon Blue, can help home loan borrowers in California to find the best loans for their situations and lock in the lowest California mortgage rates. 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