Mortgage Rates Continued Lower Today, Nearing July’s Lowest Levels Yet

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California mortgage company, Blue Home Loans, Inc., comments on the current mortgage rates trends and offers advice for those who are seeking the best home loans.

Mortgage rates fell again today thanks again to the influence that European markets have on domestic financial markets. This third day of decreases for home loan rates brings them down to nearly the lowest levels so far this month. 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.

A July 10th report from Mortgage News Daily offers some insight into the current situation with mortgage rates. It says, “Mortgage rates continued lower today, helped along this time by European markets. Although mortgage rates are most directly influenced by prices of mortgage-backed-securities (MBS), MBS themselves are influenced by broader bond market movements. The most direct influence comes from US Treasuries, but Treasuries in turn are affected by European bond markets. This was the case overnight as concerns of Portugal's Banco Espirito Santo caused a spike in borrowing costs for Portugal's sovereign debt. Because Portugal shares the Euro currency, when it's costs increase, investors seek safety by buying the debt of stabler EU nations, such as Germany. And it's that German sovereign debt that has the most influence on US Treasuries.”

That same article continues, “So that's the domino effect leading from some bank you may have never known about in Portugal to your lender's rate sheet. It made for a stronger start today, but once European markets passed the torch to US markets, things began heading in the other direction. The damage was minimal, though a few lenders did increase rates slightly in the middle of the day. Compared to yesterday, however, rates were noticeably better on average, with only one other day in July being lower. 4.125% is now back in the spotlight as the most prevalently quoted conforming 30yr fixed rate for top tier scenarios. 4.25% is also still quite common.”

Blue Home Loans explains that those who have been floating were rewarded with today’s decrease in rates. However, MBS have already given back some of the gains, and rates may soon follow. Some lenders that had repriced for the better this morning repriced back to higher levels by the end of the day. Those whose lenders have not repriced higher may wish to take the opportunity to lock in the current rates, especially if they are near to closing on their home loan. Those who have seen a higher reprice might be better off floating, at least for the time being, as tomorrow will bring a clearer picture of how much rates will react to the current situation in bond markets.

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 thousands of dollars on their loans. 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 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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