San Diego, CA (PRWEB) June 12, 2014
A stronger move lower for mortgage interest rates followed the 30yr Treasury auction today. This may mean a definite move out of the steadily increasing trends of the past week and a half. 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 12th report from Mortgage News Daily gives a clear picture of today’s mortgage rate situation. It says, “Mortgage rates made a stronger move lower today, following a well-received 30yr Treasury auction. Treasury yields don't directly dictate mortgage rates, but MBS (the mortgage-backed-securities that actually do dictate rates) tend to come along for the ride when Treasuries make big moves. That's what happened today.”
The same article states, “The strong auction results were accompanied by headlines out of Iraq as well as heavy selling in stocks. Both potentially contributed to the move lower in Treasury yields. The secondary mortgage market was merely a bystander, but willing enough to come along for the ride. Many borrowers will still be quoted the same rate today. In terms of effective rate, the improvement equates to 0.03%. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.25%. “
Blue Home Loans explains that some lenders may not have passed on all the gains resulting from these factors yet, so borrowers will likely wish to wait until tomorrow morning to see how low their rate can go. There is a possibility that this could be the beginning of a trend into the lower levels of the current range, so floating may be a good option for those who have a longer lock period ahead.
Those who are near to closing, however, may wish to lock in the current rates if they find them suitable, as even a temporary up shift in mortgage rates could mean losing out on these nice gains. 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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