San Diego, CA (PRWEB) May 25, 2014
Last week was both average and unusual for mortgage rates - average in the fact that national mortgage rate averages remained virtually unchanged throughout the week and unusual because rates rarely stay put for these long lengths of time. 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.
The first thing to realize is that rates have been undecided over the past week and have not moved much, but this is not necessarily a bad thing. While rates have not gone much lower, they are not getting higher either. A May 23rd report from Mortgage News Daily says,
"The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) is unchanged at 4.125%. Many lenders remain better-priced at 4.25%. "Better-priced" in this context, means that the combination of closing costs and contract rate (the actual interest rate at the top of a mortgage quote) presents better bang for the buck. Today's lack of movement puts an exclamation point on more than a week of generally sideways rates. In the current case, being sideways is a good thing as it's occurring right around the lowest rates in 11 months (a few days in late October were marginally better, but other than that, we're looking all the way back to June 19th, 2013 to find better rate sheets). Markets are waiting to see if the European Central Bank will embark on a round of Quantitative Easing at their upcoming meeting. There are other factors contributing to the narrow rate range, but in all cases, they'll be clearing up within two weeks. At that point, rates will either move higher or lower. Both sides have arguments, but neither has a decisive victory."
Blue Home Loans states that, as explained in the quote above, there is no sure sign yet as to whether rates will start moving up or down when they do start to move again - which they inevitably will. The mortgage company explains that for those who are near to closing on their loans, the risk of rates rising after the long weekend may outweigh the reward of a possibly fractionally lower mortgage rate. Because of this, it may be wise for those in this situation to lock in the current low mortgage rates that are available to them.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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