San Diego, CA (PRWEB) May 13, 2014
Mortgage interest rates went down today after two days of heading up from six month lows. The decrease in rates comes as a result of weak economic data via today’s retail sales report. 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.
For a clearer understanding of today’s movements in mortgage interest rates, a May 13th report from Mortgage News Daily offers an overview. It says, “Mortgage rates moved lower today after an especially weak report on Retail Sales fueled demand for fixed-income investments like mortgage-backed-securities (MBS) and Treasuries. When demand for MBS increases, prices rise and yields (or "interest rates") fall. As such, higher MBS prices allow lenders to offer lower rates. Today's improvements bring rates a bit more than half way back to Friday's levels. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains split between 4.125% and 4.25%. Today's move equates to an effective drop of 0.03%.”
Blue Home Loans explains that the Retail Sales data for April was not affected by the weather, a common excuse over the past few months for rates moving contrary to conventional wisdom. In this case rates moved as would be expected given weak economic data. However, this does not mean that rates will not start to go back up again – this could just mean that this move higher will be delayed for now. Because of this, the team at Blue Home Loans advises that those who want to ensure that they do not lose out on an opportunity to benefit from rates that are still near six month lows should probably lock in their rates as soon as they can.
Those who are near to closing on their home loans should especially consider locking in the currently low mortgage rates available, but 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 current 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 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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