Mortgage Rates End Week At Lowest Levels Of The Month

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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 interest rates reached new June lows today, making this the third day where rates managed to best the “lowest rates of the month” of the day before. This is good news for borrowers – for now – but will rates continue on this downward trend or are they bound to start heading back up soon? 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 June 27th report from Mortgage News Daily shows a clear picture of the mortgage rate environment right now. It says, “Mortgage rates moved lower again, with the best options available in the morning hours. After that, bond markets including MBS (the mortgage-backed-securities that most directly affect mortgage rates) moved back into weaker territory on the day, prompting some lenders to raise rates in the afternoon. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains at 4.125%, with most borrowers seeing today's improvement in the form of lower closing costs. Expressed in terms of 'effective rate,' the drop in closing costs amounts to 0.02%.”

The same article states, “Even after the afternoon reprices, today's rates are still the best this month and very close to being the best this year. Only 2-3 days were better at the end of May. Any time rates are at a periodic low like this, it's never a bad decision to lock in the improvements. While we could see modest gains from here, the risk is rapidly increasing that the recent trend of improvement will take a breather, or even reverse next week. If you're not able to lock today, or not interested, just be aware that the prospects for volatility will be increasing after Monday night.”

Blue Home Loans explains that the reason it might be pertinent to lock in these new low mortgage rates as soon as possible is because next week brings a number of economic reports, any of which could overturn this current downward trend in mortgage rates. The most important piece of financial information that will be coming up next week is the Jobs Report which will be released on Thursday right before the long 4th of July holiday weekend. Those who are determined to see if rates can continue to go down should be reminded to stay in close contact with their loan officer and be ready to lock if it looks like this trend is starting to reverse.

Those who are near to closing on their loans should definitely consider locking in the current mortgage rates, as it is unlikely they will get to see rates this low before they close on their loan - and even if they do, the risk of a higher rate would outweigh the benefit of a fractionally lower rate. Even those who have not yet started their loan process can benefit from today's rates by locking in with a lender that allows for renegotiation. This will allow them to keep these very low mortgage rates in reserve, but will also allow them to keep their options open in case rates drop even lower before their loan closes.

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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