San Diego, CA (PRWEB) July 23, 2014
Yesterday’s data from the Consumer Price Index (CPI) and Existing Home Sales was somewhat conflicted, and as a result mortgage rates were more or less unchanged from the levels of the day before, although some lenders repriced slightly worse. 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 22nd report from Mortgage News Daily gives some further insight into the current situation. It says, “Mortgage rates were unchanged in most cases today, though some lenders were slightly worse. Even then, the difference from yesterday is generally insignificant. MBS (the mortgage-backed securities that most directly influence rates) digested two economic reports today: the Consumer Price Index (CPI) and Existing Home Sales. CPI is an inflation metric, and although it's done very little to move bond markets (which include MBS) for several years, that's beginning to change as investors weigh the timing of the Fed's first rate hike. While the Fed Funds Rate doesn't directly affect mortgages, it's ability to indirectly affect nearly every corner of the financial market is undeniable. Today's data showed inflation slightly softer than expected, which helped lenders keep rate sheet offerings on par with yesterday's. Had it not been for the CPI data, rates would likely have been higher.”
The article continues “Existing Home Sales had the opposite effect. Stronger than expected results caused some weakness in MBS, but it wasn't enough to offset the earlier improvements and lenders were not forced to raise rates mid-day. 4.125% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. Any changes in quotes from yesterday would only affect the closing costs, and even then, they'd be minimal. “
Blue Home Loans explains that for those who are hoping to lock in the best home loan rates, now might be the time to do so. This is because rates are floating right over the lows of this range, and unless they break lower soon, the chance of them going back up will continue to increase. This advice is especially pertinent for those who are closing in the next week or so. Those who are just starting their loan process and wish to take advantage of today’s rates can also lock on application, but should consider doing so with a lender that allows for renegotiation.
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 money 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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