San Diego, CA (PRWEB) February 24, 2015
Mortgage rates finally turned a significant corner today, racking up near record positive reprices after Fed Chair Yellen’s testimony. CA mortgage rates benefited from this change of direction along with national averages and now the only question is whether or not mortgage markets can hold onto these new gains and even improve upon them. California full-service mortgage company, Blue Home Loans, Inc., has been helping clients to gain the maximum amount of savings on their home loans for many years and now takes a look at the recent activity in mortgage rate levels and gives some advice for those who have home loan plans for the near future.
The California mortgage company takes a look at the report from real estate news website, Mortgage News Daily, posted this February 24th, 2015, which says “Mortgage rates had their best day of the month today following Fed Chair Yellen's testimony before the Senate Banking Committee. That's part of a 2-day semi-annual update that the Fed gives to congress. In this modern electronic age, it's a wholly unnecessary relic from a bygone era when everything that every member of the Fed has said on the record wasn't instantly available on the web. And so it has devolved into a painful display of American bureaucracy where congress-people can vent their frustrations or display their ignorance for a quick sound-byte. All that having been said, markets still treat this as the Fed Chair's twice-a-year chance to set the record straight in a Q&A format, less constrained by the formalities of official FOMC communications.”
Blue Home Loans explains that market participants were apprehensive about what Yellen’s testimony would have in store because even though the minutes from the FOMC’s last meeting said that they would be “patient” when it came to a Fed rate hike, this statement was made before the last jobs report which performed much better than expected. The MND article continues,
“The risk was that the super strong employment data would somehow accelerate the Fed's timeline, resulting in a rate hike within the next few meetings. After hearing from Yellen today, trading levels went back to suggesting a September rate hike. While this wasn't the only ball in play today, it was the main motivation for bond markets returning to stronger levels. MBS (the mortgage-backed-securities that most directly influence rates) came along for the ride and almost every lender repriced rate sheets at least once. By the end of the day, we're as close as we have been to 3.75% being the dominant top-tier rate quote for conventional 30yr loans as we have been in nearly 2 weeks. It's arguably taking the lead from 3.875% at current levels.”
The California mortgage company explains that while today might even be near the record for the most positive reprice reports from Mortgage News Daily’s MBS Live users, because February has been such an awful month for mortgage rates, the difference in pricing might not actually seem too big. However, any move lower for mortgage rates is a good move for mortgage borrowers, and if mortgage markets can maintain this new direction, there might be some very gratifying lower rates in the near future. Blue Home Loans advises anyone who has been waiting to apply for a mortgage loan to do so as soon as they can, as this will put them in position to lock in the best rates available as events unfold in the days and weeks to come.
California mortgage borrowers who want the highest chance of finding the best mortgage rates in California can put their trust in the mortgage experts at Blue Home Loans, Inc.
Co-owner of Blue Home Loans, Brandon Blue, says, “I love the personal satisfaction that I receive when I am able to save my clients both time and money--getting them the best deal I possibly can on their home loan. Whether you are looking to purchase your dream home, or want to save money on your existing home, feel free to give me a friendly phone call. I promise that you will not be given some cheesy sales pitch, and that I will listen to your mortgage needs without utilizing any high pressure sales tactics.”
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