San Diego, CA (PRWEB) August 04, 2014
Last week was quite a roller coaster ride for mortgage interest rates, starting off flat, rising to the highest levels of the month, then dropping back down to the same levels of the beginning of the week. The start of this new week showed that average mortgage rates were unchanged over the weekend; but while there is not likely to be the same kind of excitement caused by last week’s round of important economic reports and events, borrowers should still be cautious, as this lull in movement makes it hard to get a hint of whether mortgage rates will start to go up or down next. 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.
An August 4th report from Mortgage News Daily gives a clear picture of the current state of mortgage rates. It says, “Mortgage rates held their ground over the weekend, with most lenders offering the exact same rates and costs as Friday afternoon. There were no significant events or headlines that had any major effects on the bond markets that underlie mortgages. For top tier scenarios, the most prevalently-quoted conforming 30yr fixed rate remains fairly well split between 4.125 and 4.25. Last week's market movements were volatile at times. This was widely expected, but less foreseeable was an almost perfect lack of change from the beginning of the week to the end. That means that although Friday ended on a positive note for rates, it didn't break any new ground vs recent lows. Until and unless that happens, floating is riskier than normal.”
As the above quote states, floating right now is something that should be considered only for those who are able to handle the risk and have a long enough lock period ahead to wait things out if rates bounce back up this week. Blue Home Loans explains that those who are nearer to closing, or who simply do not want to risk being stuck with a higher rate down the line, should think about locking in as soon as possible. Of course, those who have not yet started their loan process could decide to lock in on application, or wait to see if rates will improve. Locking in with a lender that allows renegotiation would allow for some leeway if mortgage rates drop lower before they close on their loan and anyone who decides to float should keep in close contact with their loan officer, who hopefully keeps them updated on the best opportunities to lock in a good mortgage rate.
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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