San Diego, CA (PRWEB) August 21, 2014
Rates continued the slow but steady march upwards after the release of the Fed Minutes yesterday caused a mild sell off for both MBS and treasuries, resulting in another slight increase for mortgage rates. Blue Home Loans, Inc., a California-based full service mortgage company that has been helping CA residents find the best rates and loans available for many years, has been keeping track of these recent mortgage rates trends and now comments on the current situation and offers some advice for those who are not sure how to proceed with their home loan plans.
An August 20th report from Mortgage News Daily gives some further insight into the recent rate increases. It says, “Mortgage rates were higher for a third straight day as financial markets continue a measured correction from last Friday's volatility. At that time, headlines concerning Ukraine destroying a Russian armored convoy caused rates to move to their lowest levels in more than 2 months. Since then, it's been a steady march back in the other direction. Of the week's limited scheduled events, most haven't had any objection to a moderate move higher in rates. Today's release of the Minutes from the most recent Fed Meeting was no exception. In general, most analysts felt the details from the Fed meeting were slightly more upbeat than suggested by the Fed's official policy announcement on July 30th.”
Blue Home Loans explains that this slightly more optimistic view coming from the Fed suggests that they may be getting closer to implementing rate hikes and reducing their portfolio; however, for now at least, no rate hikes have been scheduled and all the current Fed accommodations that benefit mortgage rates are still in place. So, in essence, the minutes did not reveal any new groundbreaking information – they simply implied that the schedule for changes may possibly be moved up slightly. As a result, rates only moved very slightly higher on average, with some lenders not repricing at all. Currently 4.125% is still the most prevalently quoted best-execution rate for 30yr fixed mortgages.
Many borrowers will only see this increase in the form of slightly higher closing costs. This third day of an upward trend, along with the threat of a Fed rate hike ever nearer, may be good enough reason for borrowers to lock in their current rates. This would be especially sound advice for those who are within 30 days of closing, but could be a wise move for those with longer term closings, as well.
For those who are just starting out with their loan process, locking on application is always an option, but borrowers may wish to do this with a lender that allows for renegotiation, in case rates turn around before they close their loan. Those who do not immediately lock in their rates will want to be sure that they can depend on their loan officer to keep them informed of any situations where locking would be favorable, or the best option to avoid higher rates.
Blue Home Loans can help California borrowers who are looking for the best rates, lenders and loan programs to find exactly what they need so that they can take advantage of today’s lowest mortgage rates and save money on their loans. As the Blue Home Loans website states,
“Our goal is to offer the best refinance rates and lowest mortgage payments in minutes. We will beat virtually any mortgage rate quote and our wide selection of loan products are sure to provide the perfect mortgage solution for all of your Real Estate Finance needs.” – “Whether you need help for a debt consolidation loan or you have bad credit, we are your complete mortgage solution for refinance and purchase transactions. Need cash out? Debt consolidation, cash out, and low interest rates are our specialty, regardless of bad credit, foreclosures, or bankruptcy. We know that you have specific needs and we strive to meet those needs with a wide array of refinance and purchase products and most importantly, quality service and individual attention.”
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.
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