San Diego, CA (PRWEB) June 04, 2014
Mortgage rates rose again right ahead of the ECB meeting tomorrow, but not as fast as they did yesterday and the day before. 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 June 4th report from Mortgage News Daily says, “Mortgage rates were higher yet again today. This time around, the move wasn't quite as brisk as the past few days. In fact, morning rate sheets were slightly stronger than yesterday's in some cases. But mid-morning market volatility prompted most lenders to issue mid-day reprices, raising rates to the worst levels of the week. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) is now back up to 4.25%, though 4.125% is still close for some lenders. Some borrowers will see today's weakness in the form of higher closing costs vs yesterday. Expressed in terms of effective interest rates, the increase equates to 0.03%.”
That article continues saying, “Tomorrow is potentially a very big day with the release of data that financial markets have been very anxious about. The European Central Bank (ECB) is widely expected to do "something." No one knows exactly what that will be, but the best guess is that it involves cutting policy rates. From their, they may also announce other liquidity measures (so-called 'long-term refinancing operations' or LTROs). There's an outside chance they'll even embark on some form of asset purchases similar to quantitative easing in the US. The point is that there are a lot of variables with respect to tomorrow's ECB news. Depending on what they do (or don't do), as well as the comments during the press-conference (begins at 8:30am) markets could react in a big way.”
Because of the risk that rates could jump much higher, Blue Home Loans suggest that those who are near to closing on their loans lock in their rate as soon as they can to avoid potentially higher rates down the line. 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