Mortgage Rates Start Week With A Lot Of Variation Between Lenders

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

The week started well for mortgage rates… at least in the morning. By the afternoon, however, things started to turn around and many lenders recalled their rates sheets for a higher “reprice” around mid-day, according to mortgage and real estate news site, Mortgage News Daily. In the end, mortgage rates started the week in pretty much the same state as they had been last Friday. Blue Home Loans, Inc., a California full-service mortgage company headed by father and son team, Robert and Brandon Blue, has been helping CA homeowners and buyers to find the best rates for their home loans for many years, and continues to offer advice on the current rate trends so that borrowers can save money on their homes.

The September 8th report from Mortgage News Daily gives a rundown of today’s events for mortgage rates. It says, “Mortgage rates were higher OR lower today, depending on the lender. Some of the differences in pricing strategies have to do with Friday afternoon's volatility which saw some lenders raise rates more aggressively than others. There was a similar breakdown in financial markets this afternoon which, once again, prompted lenders to recall rate sheets for a mid-day 'reprice' to higher rates. Thankfully, these changes are so small that they don't even affect the rate itself. That means only closing costs are moving higher. Even after the reprices, the average rate quote remains in similar territory to Friday, on average. For the most part, the most prevalent conforming 30yr fixed rate for top tier borrowers has been incessantly glued to 4.125%. Slightly-less-than-flawless scenarios are still very well priced at 4.25%.”

The same article continues, “While mortgage rates have been glued to their 2014 floor, broader bond markets have weakened in such a way that there's some concern for further losses in the short term. In other words, the longer-term trend remains intact, but we're currently in the middle of a correction which is taking place inside that trend. Think of this like bumper bowling where one bumper equates to lower rates and the other to higher rates. We're just hitting that "higher rate bumper," but haven't yet broken through to the next lane. Bottom line, weakness could continue in the short term, but the jury is still out on the longer term outlook. As such, locking is the safer bet for those with loans currently in process.”

Given that the risk of rates moving up is very high right now, Blue Home Loans Inc. concurs with the advice given in the above quote – those who are currently processing their loans and have not locked in their rates yet should definitely consider doing so as soon as they can. Those who are near to closing and whose lenders did not reprice higher today should definitely take the opportunity to lock in what could turn out to be the best rate they are able to get before they close on their home loan.

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 states,

“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.

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

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