San Diego, CA (PRWEB) June 15, 2014
Mortgage rates went slightly up last week, but the increasing trend seemed to have run its course by Friday. Now with rates near stopping at the high end of the current range, the question is, what will the next mortgage rate trend bring for mortgage borrowers? 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 report from Mortgage News Daily, published June 13th, gave a clear picture of the situation as the week came to a close. It said, “The theme for this past week turns out to have been the culmination of a short term trend higher in rates, beginning in late May. The most aggressive days of that move were in the previous week, but Monday and Tuesday of this week kept the pressure on. This raised the possibility that the uptrend would continue, but the slowing pace provided hope for a correction.”
The article continues, “As of yesterday, we finally got the drop in rates needed to interrupt that trend. This also opened the door for a deeper correction if rates could have improved today. But because we instead saw the move slightly higher and sideways, the best characterization for rates at the moment is that the recent move higher has run its course, but no new trend has been decided on yet. That's a less optimistic scenario for those who'd like to float in the hopes of further improvement, but still a less urgent scenario than earlier in the week for those inclined to lock.”
Blue Home Loans explains that currently there are no clear mortgage rates outlook for the week ahead. This week brings inflation data which could have an affect on rates, but the thing that most are keeping an eye on would be the conflict in Iraq which, if escalated, may signal a move lower for mortgage rates. However, whereas economic reports have a fairly predictable affect on financial markets, geopolitical turmoil and the impact it has on domestic mortgage rates is much more unpredictable.
Because of this, the California mortgage company advises that those who are near to closing on their loans consider locking in the current rates which, while at the higher end of the current range, are still near the lower end when it comes to average mortgage rates in 2014. 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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