Mortgage Rates Still Unchanged After Long Holiday Weekend

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California mortgage company, Blue Home Loans, Inc. comments on the current mortgage rate trends and offers advice for those seeking the best home loans.

Mortgage rates were slightly higher to begin the day, but fell back in line with last week’s latest levels, resulting in another day of little to no change in mortgage rates. 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 May 27th report from Mortgage News Daily gives an overview of the current situation. It says, “Mortgage rates were slightly higher this morning, but mid-day market improvements led many lenders to adjust rates lower into the afternoon. The net effect ends up being "no change" to Friday's latest rate sheet offerings. While a return to unchanged levels isn't unheard of, this is now the 5th day in row with the exact same average mortgage rate. That's only happened one other time since we began keeping records in 2009. Simply put, rates have been extraordinarily sideways, and right in line with the lowest levels in 11 months. 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.”

Blue Home Loans explains that rates staying at these levels for such a long time is very extraordinary, as rates are usually much more fluid. For the time being, there does not seem to be anything that could motivate rates to go much higher or lower – most of the emphasis for this motivation falls on next week’s round of economic data and meetings. However, this does not mean that rates will not go slightly up or down before then. What borrowers should keep in mind is that when rates remain at such steady levels without moving further downward, the risk of them bouncing higher rather than going down is increased. The California mortgage company explains that because of this short term propensity for rates to go slightly higher rather than down, those who are near to closing on their loans may feel it wiser to lock in their current rates. 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.

California Bureau of Real Estate -- BRE #01938557 NMLS #1162386

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Brandon Blue