San Diego, CA (PRWEB) May 16, 2014
Mortgage rates have been surprising a lot of people recently, by moving down to the lowest levels of the year after they had started to move up from what were the previous low levels 2014 has seen. Today saw mortgage rates move up slightly from these very low lows, but fortunately rates are still near the best levels since July of last year. 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 16th report from Mortgage News Daily gives a quick rundown of the current situation. It says, “Mortgage rates were slightly higher today, continuing a move from yesterday that saw most of the early gains evaporate by the end of the day. Today's market activity (which ultimately affects rates) was much more subdued by comparison, making it tough to say if we're seeing some sort of reversal of the recent drop in rates or simply a pause. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains centered on 4.125%. Most borrowers will experience today's move in the form of higher closing costs for the same rates quoted yesterday. In terms of effective rates, that rise in closing cost equates to a hike of 0.02%. Even after today's move higher, rates remain very close to their lowest levels since July 2013. There were a few days in late October 2013 that were in the same territory, but other than that, and minor day-to-day variations notwithstanding, the past 3 days have effectively been 11-month lows.”
What does this mean for those who are looking for the best home loan rates? Blue Home Loans Inc. explains that the new range in mortgage rates may even go lower, however, waiting for this to happen might be a risk that those who are near to closing would rather not take. Rates may, indeed, go lower in the future, but in the short term they may go slightly higher before dropping down. Because of this, the California mortgage company advises those who do would rather have no risk (even rather than “low risk”) to lock in the currently low mortgage interest rates. The California mortgage company advises that those who are near to closing should definitely consider locking in these new low rates as there is always a risk that mortgage rates could bounce higher in the short term. 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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