San Diego, CA (PRWEB) July 02, 2014
Mortgage rates rose at a faster pace than recent movements after today’s ADP data fueled fears for tomorrow’s NFP report. The NFP, which will be released early this week, due to the 4th of July holiday, is one of the most important pieces of data that influences mortgage rates throughout the month. 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 July 2nd report from Mortgage News Daily gives some insight into the current situation with mortgage rates. It says, “Mortgage rates moved higher today, once again at faster pace than most of the recent movement higher or lower. The weakness in mortgage markets owes itself partly to the way in which traders are positioning themselves in the new quarter. Today brought an added ingredient of stronger employment data. This morning's ADP Employment report indicated a much higher rate of job growth than expected and higher than is currently forecast for tomorrow's more important 'Employment Situation' report. Stronger employment data tends to hurt rates. When it arrives during a market trend that's already favoring a moderate move higher in rate, things can change more quickly.”
Blue Home Loans explains that with rates worsening over the last few sessions going into the NFP report, it would be wise for those who have not locked yet to do so now. Only those who have a fairly high risk tolerance should consider floating, because all signs point to higher rates for this month. Of course, this could be just a temporary shift upwards, but if the NFP report outperforms tomorrow, this is probably not going to be the case. Because of this, those who have not locked in yet should think about doing so right away. This is especially pertinent for those who are near to closing, as they may not get another chance for rates to go down before they close on their loan. Those who have not started their loan process yet can avoid higher mortgage rates by locking in on application, preferably with a lender that allows for renegotiation, so that they will have their options open in the even that rates go back down any time 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