San Diego, CA (PRWEB) November 04, 2014
For the most part, mortgage rates have been confined to a very narrow range this year. Last month saw rates finally break lower than “the range” with average mortgage rates for 30yr fix rate mortgages in top tier scenarios dropping below 4 percent. Now rates have crept back up, but are still near the lower end of the range, and even lower for some lenders. Blue Home Loans, Inc., a California mortgage company that has been assisting borrowers for years, takes a look at current mortgage rate trends and offers help to those who wish to take advantage of today’s lowest mortgage rates in case levels continue to rise.
A November 3rd report from Mortgage News Daily gives some insight into the current trends. It says, “Mortgage rates continued higher today, edging up to their worst levels in nearly a month. The most prevalently-quoted conforming 30yr fixed rate for top tier borrowers is currently a toss-up between 4.0 and 4.125% depending on the lender. Whereas it had been compellingly affordable to pay extra upfront cost to move below 4.0%, those so-called 'buydowns' no longer make much sense.”
The same article continues, “Most of the time, when rates are at periodic highs like this, there will have been a notably intense day or two of weakness at some point during the move up--some driving force helping to accelerate rising rates. This time, however, the weakness has been remarkably linear because the driving force was simply that rates had fallen so much by mid October. Everything that's followed has been a scripted correction back to what had been the best rates of the year this time last month. With no fundamental driving force behind recent weakness, it begs the question of whether rates have risen enough to satisfy the underlying market correction. Based on how far that correction has come, this week may well be when we find out if October marked a sustained move into a lower rate range or if it was just an aberration.”
Blue Home Loans explains that there is still a chance that mortgage rates could go lower, but so far this week movement has not been positive. Borrowers who have been holding out for lower rates may need to consider that their window of opportunity could be closing soon. The California mortgage company, which specializes in fast home loan applications and processing, can help those who are on the fence about applying for a home loan by offering advice on what their best loan options are and helping them to get their loan process started quickly if they decide it is right for them.
The Blue Home Loans team of mortgage professionals operates with the goal to provide home loans to its clients while providing them with the lowest interest rates and closing costs possible, and helping them to find the best home loans available in California. As the Blue Home Loans website says, "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