Huge Increase In Mortgage Apps To Start 2015 – What California Homeowners and Buyers Should Know

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California mortgage company, Blue Home Loans, Inc. comments on the recent increase in mortgage applications reported by the Mortgage Bankers Association and offers some insight for California homeowners and potential home buyers.

Across the country, there was a huge increase in mortgage applications to start off 2015. According to the Mortgage Bankers Association of America (MBAA) the first business week of this year showed the largest week over week gain since November 2008. 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 California housing market trends and gives some advice for those who have home loan plans for the near future.

The company takes a look at the MBAA report posted this January 14, 2015, which says, “The Market Composite Index, a measure of mortgage loan application volume, increased 49.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 119 percent compared with the previous week. The Refinance Index increased 66 percent from the previous week to the highest level since July 2013. The seasonally adjusted Purchase Index increased 24 percent from one week earlier to the highest level since September 2013. The unadjusted Purchase Index increased 83 percent compared with the previous week and was 2 percent higher than the same week one year ago.”

With a seasonally adjusted increase of 49.1 percent over the previous week for the first week of the year, it is clear that something is prompting all of this activity. Blue Home Loans explains that the beginning of this year saw an improvement in the U.S. economy and job market growth, but while this would often result in higher mortgage rates, a coinciding drop in oil prices and weakness abroad led to further declines in longer-term interest rates. This is great news for California home loan borrowers, and potential borrowers, who have been waiting for their perfect opportunity to apply for a new home loan.

Current homeowners who were not able to refinance to a lower rate the last time California mortgage rates were this low may find that they have a renewed opportunity here. Since 2013 (the last time mortgage rates were at these levels) many families have been able to improve their credit history, thus giving them a better chance to qualify for the lowest possible CA refinance rates. Also, with the California housing market finally returning to normal levels, many homeowners are finally seeing positive equity in their homes, giving them even more refinance options.

New home buyers can benefit from the recent home sales growth in Southern California and the Central Valley. Those who are looking for housing in Mission Viejo, Irvine, Lake Forest and other cities might also be able to benefit from the recent changes to FHA and conventional loans that have reduced private mortgage insurance and lowered the minimum down payment on loans to 3% for qualified borrowers, respectively. These changes along with the surprisingly low interest rates that are now available make for a very unique opportunity that potential home buyers will not want to miss out on.

California borrowers who want to be sure that they benefit from the best California mortgage rates in 2015 will find that they can count on the mortgage experts at Blue Home Loans, Inc. to find them the best rates and mortgage programs for their unique financial situation and home loan goals. 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 or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.

California Bureau of Real Estate -- BRE #01938557 NMLS #1162386

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Brandon Blue
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