San Diego, CA (PRWEB) June 30, 2014
Mortgage rates end today at roughly the same levels that were available last Friday. This is good news for many, as rates ended last week at their lowest levels of the month. However, those looking for a good rate should not get comfortable with rates at these levels. With lots of economic data that can affect mortgage rates coming out this week, this first day of no change could simply be the calm before the storm – or at least a pause before some more dramatic movement in interest rates. 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 30th report from Mortgage News Daily gives some insight into the current mortgage rate levels. It says, “Mortgage rates were unchanged today. More often than not, when the average rate is unchanged, it's due to a balance between some lenders offering higher rates and others offering lower rates. Today, however, there were more than a few lenders who simply didn't make any significant changes to Friday's latest rate sheets. That said, some may be offering slight improvements this afternoon as underlying market conditions have improved. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains at 4.125%, with any improvements coming in the form of lower closing costs.”
That same article says, “This will be a busy week in terms of scheduled events that can impact rates. In addition, the all-important jobs report will be on Thursday morning as markets are closed on Friday in observance of the Independence Day holiday. Combined with the other events already scheduled on Thursday, there's an uncommonly high amount of market movement potential packed into a short period of time. As Thursday approaches, the risks increase for bigger changes in rates than we've recently seen.”
Blue Home Loans explains that the first economic report that has the ability to change the mood for mortgage rates is the ISM Manufacturing report which is due to be released tomorrow. While there is no way to tell which way rates will go when they do start moving, it is not a bad guess to assume they will go up since rates have been on a downward trend for quite some time and the longer any trend persists in mortgage rates, the higher the chances are that it will see a “correction” to level things out. Of course, this might not be the case, and even if rates do go up it might only be temporary. But for those who are near to closing, it might still be the best idea to lock in current rates, which are still near 2014’s lowest mortgage rate levels, rather than risk losing out due to an upset in rates, even if rates do go back down later.
Those who have more time might consider floating, but should do so with a close eye on potential market movers, so that they will be able to lock if rates start to climb too high. Those who have not started their loan process and wish to take advantage of today’s low mortgage rates can lock in on application, and if they choose a lender that allows for renegotiation, they will still have their options open in case rates dip even lower than they are now before they close on their loan. 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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