San Diego, CA (PRWEB) August 15, 2014
Rates have been moving up and down in very small increments over the past week, with the day before yesterday seeing a move down after downbeat economic data. Yesterday, rates moved slightly lower once again, and while this has been a common occurrence of late, this move was just enough to tip the scales and bring rates down to their lowest levels in over a 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.
An August 14th report from Mortgage News Daily gives further details about yesterday’s mortgage rate levels. It says, “Mortgage rates made yet another small move lower, and this time it was enough to lay claim to the title of "lowest in over a month." This is more a factor of rates being very close to 1-month lows for the entire week. The improvements came courtesy of weak economic data at home and abroad, as well as the end of this week's Treasury auctions.”
That same article continues, “While mortgage rates are NOT based on US Treasuries, the two tend to move together for the most part. During weeks where Treasury is conducting auctions, market dynamics can push rates just slightly higher than they otherwise would be. Once the burden of being forced to buy billions of dollars of new debt has passed (primary dealers are forced to bid on Treasuries), bond markets can breathe a slight sigh of relief, and MBS (the mortgage-backed-securities that dictate mortgage rates) can glean some of the benefit. Today's improvements further solidify 4.125% as the most prevalently quoted conforming 30yr fixed rate for flawless scenarios. 4.25% remains a competitive rate for many other scenarios. Borrowers who were quoted the same rates today and yesterday would see the improvements in the form of lower closing costs.”
Blue Home Loans explains that while these improvements are good news for borrowers, and there is always the potential for rates to move even lower, the prudent move for most borrows that are closing on their loans in the near future would be to lock in and protect these gains. Those who have more time on their hands might wish to float and see if rates can improve further, but they should take into consideration that rates still could leap much higher if the right circumstances present themselves.
Those who have not yet started their loan process can either wait to lock in, as well, or simply lock on application. If they decide to lock in on application, they may wish to do so with a lender that allows for renegotiation. This will give them more options if rates improve before they close on their loan.
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 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.
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