Mortgage Rates Still Not Budging, Ending A Week Of Mainly Sideways Movement

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California mortgage company, Blue Home Loans, Inc. comment on the current mortgage rate trends and offers some advice for those seeking the best home loans.

The week in mortgage rates ended with a day of completely flat rates – something that defies the normally fluid nature of mortgage interest rates. This past week has seen rates stay in virtually the same range for extended periods, which on its own is something of an anomaly. However, the total lack of movement today is something even rarer. 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 May 23rd report from Mortgage News Daily gives an overview of the current situation. It says, “Mortgage rates didn't budge today--not one little bit. It's one thing for lenders to be adjusting rate sheets at various points in the day, beginning stronger, ending weaker, and ultimately averaging out to the same rates as the day before (as was the case yesterday). It's another thing altogether for every lender to come in the door at the exact same rates the next morning and stick with them all day long. That sort of complete absence of movement stands in sharp contrast to almost any other day spent watching markets and rates… The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) is unchanged at 4.125%. Many lenders remain better-priced at 4.25%. "Better-priced" in this context, means that the combination of closing costs and contract rate (the actual interest rate at the top of a mortgage quote) presents better bang for the buck.”

Blue Home Loans explains that the lack of movement in mortgage rates has a number of factors behind it. Luckily, for borrowers, rates are holding out near the lowest levels in 11 months. Part of the reason behind this is due to the possibility of a European Quantitative Easing program, which would raise bond prices and could cause interest rates to go down. However, there are a number of other factors which are coming into play, most of which will be resolved in two weeks, at which point rates are expected to either start going back up, or drop even lower. There is no way to tell which way they will go until that time, so Blue Home Loans advises borrowers who are looking for the best home loan rates to proceed with caution.

In most cases, those who are near to closing on their loans should seriously consider locking in the current rates, as the risk of rates bouncing higher outweighs the reward if rates were to move slightly lower over the next week or so. 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 or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.

California Bureau of Real Estate -- BRE #01938557 NMLS #1162386

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Brandon Blue
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