San Diego, CA (PRWEB) July 04, 2014
With financial markets closed for the long holiday weekend, it is hard to tell just how big of an impact this week’s closing bond levels will affect mortgage rates going into the next week. However, what is clear is that despite the Jobs report showing better data than projected, mortgage rates did not go up as high as they may have had the potential to do. 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 July 3rd report from Mortgage News Daily sheds some light on the actual impact of that day’s Employment Situation report on bond markets, and subsequently mortgage rates. It says, “There's not much left to be said or concluded in terms of today's events (because it's a short day, and there simply hasn't been much time between now and the MBS Mid-Day). Bond markets took an understandably big hit after the 288k vs 212k Nonfarm Payrolls print, and then began a steady march back toward lighter losses. MBS specifically stumbled in the early afternoon, but recovered into the close. On the surface, ending the day a mere 1/8th of a point lower in price seems like a 'win' in light of the data. If we're only talking about today's day-over-day movement, it is indeed a win.”
That same article continues, “But the move was in the works for days--all part of the "new quarter" trading momentum as well as the increasing body of evidence supporting a stronger payrolls number. That evidence reached an apex yesterday with the big ADP beat. It's not that ADP = NFP, simply that it rounded out a collection of other June employment data, all pointing to--at the very least--a slightly stronger reading. That made for an outsized reaction to a report that's been getting less and less important in 2014. What we were really seeing was an attempt to get ahead of what then looked to be a forecast that was probably too low. Today's tame reaction proves that.”
Blue Home Loans explains that for home loan borrowers looking for the best rates, probably the only thing to do now is to wait and see how Monday’s rate sheets look like. The increasing trend has a good chance to continue in the weeks to come, but rate predictions can never be totally relied upon, so there is also a chance mortgage rates could go back down. Those who have a good risk tolerance might want to wait things out and see if rates actually do have a chance of going back down, while those who are risk averse, especially those with shorter lock periods, may wish to lock in their rates as soon as they can. One piece of advice for those who have not started their loan applications yet is that with the increase in home loan rates, finding the right home loan is even more important in order to save money no buying a home.
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 t oday’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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