San Diego, CA (PRWEB) May 04, 2014
Mortgage rates took a wild ride last week, confounding all expectations by dropping first to 3 month lows on Thursday and then six month lows on Friday, despite the non-farm payrolls report which was released the same day showing what appeared to be the best data in months. While there has been debate over whether the report is an accurate depiction of the current employment situation, and this may have impeded a rise in rates which would be the usual outcome of a good report, the biggest motivating factor for the move downwards appears to be the continued unrest in Ukraine. But, regardless of why rates have gone down, the question most mortgage borrowers will be asking right now is – will mortgage rates continue to rally this week? Blue Home Loans, Inc., a California based full service mortgage company that has been offering counsel and the best rates and loan products for many years, comments on the current state of affairs and gives some insight for those who are seeking the best possible home loan scenario for their situation.
Blue Home Loans explains that the fact that the so called “blowout” jobs report is now looking a bit more disappointing than originally thought may be a good thing for mortgage rates in the week ahead. A May 2nd report from Mortgages News Daily gives some insight into the situation. It says, “While the numbers may change, the story of the U.S. labor market ultimately is the same. Job growth continues, but significant weakness remains. Friday's nonfarm payroll report was the best in months, with 288,000 new jobs and an unemployment rate dropping all the way down to 6.3 percent. The internals were somewhat less impressive. The headline rate fell due to a stunning decline in the labor force, the quality of new jobs remained iffy and long-term unemployment is still immune to ultra-easy monetary policy as the average length of joblessness holds at more than 35 weeks.”
Blue Home Loans also adds that the situation in Ukraine which many analysts are pinning last Friday’s drop in rates on is still not resolved, and could continue to impact rates in the week ahead. However, the mortgage company warns that borrowers should not take this source of downward pressure on rates as a given, as geopolitical factors can change rapidly and without warning. For now, the company advises that mortgage borrowers wait to see how rates look this Monday, and if they are happy with the rate they are getting they should consider locking in. While there is still room for rates to improve, there is no guarantee that they will, and if things start looking better on the international front this week, rates could turn quickly.
Those who are near to closing on their loans might especially want to heed this counsel rather than potentially missing out on the lowest rates seen in months; however, even those who have not started their loan process yet can benefit from this advice by locking in on application, preferably 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 something big happens and rates dip lower before their loan closes.
Blue Home Loans can help those 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 hundreds of thousands of dollars on their loans. The company recently experienced an expansion thanks to an increase in clients drawn by rave reviews of the company. As a result, Blue Home Loans, Inc. now offers many exciting new resources and loan programs that are not available with many other companies. The Blue Home Loans website now 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.
CA Dept of Real Estate -- Licensed Broker #01094374 NMLS #93836