San Diego, CA (PRWEB) March 13, 2015
Mortgage rates ended this week just slightly higher than yesterday’s levels, but overall this week did a very decent job of correcting for last Friday’s rate rout with improvements on four out of five business days. 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 on March 13, 2015, which says, “Mortgage rates were slightly higher today, but remained much closer to the best levels of the week seen yesterday. In general, this week has served as a correction to last Friday's excessive losses. In that regard, it has been almost totally successful considering today's rates are right in line with last Thursday's. Most lenders continue to quote a conventional 30yr fixed rate of 3.875% for top tier scenarios. The more aggressive lenders remain at 3.75% and a small minority is still at 4.0%. Most borrowers will see today's weakness in the form of slightly higher up front costs for the same rate as yesterday.”
So what caused rates to bounce slightly higher? The MND report says, “There was not much going on today in the financial markets that underlied mortgage rate movements. The economic data in the morning served as a temporary speed bump for a moderately weak trend that had been intact since yesterday morning ("weakness" equates to upward pressure on rates in this context). But once again, our perceptions of weakness and strength are largely arising due to short term 'corrections.' In the current case, yesterday's Retail Sales data started the morning off with plenty of strength for bond markets. The weaker trend mentioned above was simply a correction to that strength. It ran its course by this morning and left bond markets to drift sideways into the weekend.”
Blue Home Loans explains that this sideways movement does not really give any hint about what to expect next week. What borrowers should be on the lookout for is the upcoming FOMC minutes release next Wednesday. The minutes from the last FOMC meeting have the potential to greatly influence rate movement as they will give investors a look at what is to come when it comes to Fed policy, especially when it comes to getting a hint about when the Fed will increase its rates. Mortgage rates have big potential to move in either direction depending on how Wednesday’s events proceed. If the Fed uses language referring to good recovery in the economy in their statement, this could lead to higher mortgage rates. Referring to concerns about a slow in growth, deflation, etc. could lead rates lower.
The California mortgage company advises that those who are looking for a good deal on their home loans should consider applying for their mortgage soon so that they will not miss the opportunity to lock in the best mortgage rates. Right now, borrowers who are near to closing might want to lock in so that they can benefit from recent gains, and those with more time on their hands might wish to risk floating in case rates move even lower in the days and weeks to come. California borrowers who wish to avail the lowest California mortgage rates can rely on the team of mortgage professionals at Blue Home Loans to help them find the right loan product for their needs and keep them informed of the best time to lock in a great rate that could help save thousands of dollars in mortgage payments.
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