San Diego, CA (PRWEB) April 30, 2014
Yesterday saw a slight increase for mortgage rates due to some weakness in bond markets. However, as stated, the increase was quite small and considering that the risk of rates going up significantly will go up each day going into the NFP report on Friday, many borrowers are probably wondering if now is the right time to lock in their loan rates. Blue Home Loans, Inc., a full service California mortgage company headed by father and son team Robert and Brandon Blue, shares some info on current mortgage rates trends and predictions and gives some advice for those who are unsure how to best proceed with their strategies to save money on their home loans.
An April 29th report from Mortgage News Daily explains, “Mortgage rates were slightly higher today as a result of bond market weakness late yesterday and again this morning. Some of that weakness has been erased this afternoon, but trading levels in MBS (the mortgage-backed-securities that most directly affect mortgage rates) still aren't back to yesterday morning's range. Rate sheets were worse this morning, but the market improvements during the day have allowed a few lenders to revise rate sheets for the better. On average, most lenders are still showing higher costs compared to yesterday's latest levels. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains at 4.375% in most cases. Today's higher costs translate to an increase of 0.02% effectively.”
The same article goes on to explain, “From a strategy standpoint, nothing has really changed from yesterday except that we're that much closer to the week's important events. Tomorrow is really the first day of the week where heavy hitters show up. These include the GDP data in the morning and the Federal Reserve's policy announcement in the afternoon. Markets aren't expecting any significant changes out of the Fed, nor are there any of the surrounding events (like the press conference or the economic projections) to shake things up this time, but the fact remains that any Fed Announcement is a big potential market mover.”
Blue Home Loans advice for borrowers, given the current situation, locking in current mortgage rates may be the best course of action. There is never any way to tell exactly how high or low rates will move in the near or far future, but the past has shown that week’s ending with an NFP report (as this one does) usually see rising rates going into that report. Today’s GDP report and Fed announcement are likely to kick-off a move upward if the news is not in favor of mortgage rates. But even with good news, rates are not likely to get much lower then they are now, and may still increase regardless.
Because of this, the California mortgage company advises that a rate lock is probably the best plan for many right now. Those who are near to closing on their loans should especially follow this advice; however, even those who have not started their loan process yet can benefit from this advice by locking in on application, preferably with a lender that allows for renegotiation. This will allow them to keep today’s low rates in reserve while keeping their options open in case something big happens and rates dip lower before their loan closes.
Blue Home Loans can help those 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 hundreds of thousands of dollars on their loans. The company recently experienced an expansion thanks to an increase in clients drawn by rave reviews of the company. As a result, Blue Home Loans, Inc. now offers many exciting new resources and loan programs that are not available with many other companies. The Blue Home Loans website now 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.
CA Dept of Real Estate -- Licensed Broker #01094374 NMLS #93836