Mortgage Rates Move Slightly Lower Again

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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 moved slightly lower again today, bringing them lower than rates at the same time last year. 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 20th report from Mortgage News Daily gives a good look at the current situation. It says, “Mortgage rates moved modestly lower again today. While that leaves them a bit higher than the best rates of this year, it enables an important year-over-year milestone. On June 20th 2013, bond markets were convulsing and rates were in the midst of what we called "The worst 2-day move in 4 years." That move brought the average closing-cost adjusted rate up to 4.29%. Today's average is 4.18%. So for the first time in over a year, and as Calculated Risk suggested would happen soon, mortgage rates are officially lower year-over-year.”

The same article continues, saying, “While this is primarily a factor of the timing of 2013's rapid increases, it's nonetheless a welcome development on some level. Given all the turmoil that was yet to come on June 20th last year, it's reassuring that markets were able to take a logical step back from the brink of insanity (where 'insanity' = rates so high that no one is interested in real estate outside cash buyers). Today's rates didn't have to move in order to hit the 1-yr milestone, and indeed they moved very little. Some lenders were actually in worse shape today, but closing costs were just slightly lower on average (0.02% in terms of effective interest rate). The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.25%, but 4.125% is becoming viable once again.”

Blue Home Loans explains that while this is welcome news for those looking for better mortgage rates, it would not be wise to become complacent concerning the narrow range rates have been in. This new move lower, while not breaking out of the range, shows that rates are still very much alive and moving, and with the next week bringing a slew of economic and finance reports rates could go one way or the other pretty quickly.

Because of this, the California mortgage company suggests that those who are near to closing on their loans carefully assess their risk tolerance and think about locking in their rates if the current levels seem good to them, as even a quick bounce upwards could mean losing out on this year’s gains. 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 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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