San Diego, CA (PRWEB) June 14, 2014
Yesterday mortgage rates recovered slightly from the increases of earlier in the week, but overall mortgage rates were just slightly higher on average compared to last week. Blue Home Loans, Inc., a California-based full service mortgage company that has been helping CA residents find the best rates and mortgage 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 13th report from Mortgage News Daily gives a good depiction of the current state of affairs when it comes to mortgage rates. It says, “Mortgage rates staged a modest comeback this afternoon after starting the day in line with the highest levels of the week. As underlying market conditions improved in the afternoon, several lenders released new rate sheets, but it wasn't enough to bring rates lower than yesterday's or last week's. Even then, many borrowers will still be quoted the same rate today, but with higher closing costs (those costs equate to a 0.03% rise in rate). The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.25%.”
The same article continues, “The theme for this past week turns out to have been the culmination of a short term trend higher in rates, beginning in late May. The most aggressive days of that move were in the previous week, but Monday and Tuesday of this week kept the pressure on. This raised the possibility that the uptrend would continue, but the slowing pace provided hope for a correction. As of yesterday, we finally got the drop in rates needed to interrupt that trend. This also opened the door for a deeper correction if rates could have improved today. But because we instead saw the move slightly higher and sideways, the best characterization for rates at the moment is that the recent move higher has run its course, but no new trend has been decided on yet.”
Blue Home Loans explains that in the current situation there is not much to look forward to for those who decide to float. As of now, there are no really pressing factors which could push rates very far one way or the other, except for unplanned situations such overseas unrest and the like. Despite this lack of motivation and the fact that the decision to float or lock does not seem as urgent as it might usually seem, those who are near to closing may wish to lock in anyway, as today’s rates are still near the lower end of 2014 mortgage rates and for all anyone knows the next trend in rates could have these levels creeping up again.
Even those who have not started their loan process yet can benefit from this advice by locking in on application with a lender that allows for renegotiation. This will allow them to keep current low rates in reserve while keeping their options open in case rates dip 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 BlueHomeLoans.com or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.
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