San Diego, CA (PRWEB) February 06, 2015
Average national mortgage rates are now at a 27 day high after a much better than expected employment situation report knocked mortgage rates for a loop. Levels rose at the fastest pace in nearly a year and 3.75% has made a comeback as the most prevalently quoted rate for 30yr fixed rate mortgages for top tier borrowers. California full-service mortgage company, Blue Home Loans, Inc., has been helping clients to gain the maximum amount of savings on their home loans for many years and now takes a look at the recent mortgage rate trends and gives some advice for those who have home loan plans for the near future.
The California mortgage company takes a look at the report from real estate news website, Mortgage News Daily, posted on February 6, 2015, which says, “Mortgage rates shot higher at their fastest pace in nearly a year today following this morning's employment data. This also leaves rates at their highest levels since early January--something that might come as a surprise if you happened to read anything about rates yesterday.” Blue Home Loans explains that because of the time delay, that is normal when it comes to Freddie Mac’s weekly mortgage rates survey, most news sources are citing that mortgage rates have improved, and dropped back to 21 month lows. However, this information is somewhat stale by the time it is available, since the survey is open to response from Sunday to Wednesday and is released on Thursday. As a result, news agencies that are proclaiming lower mortgage rates are sadly wrong. Normally, the survey is quite accurate, but if a big move in mortgage rates happens in the week, especially on Wednesday or Thursday, which was the case this week, the numbers could be way off.
The MND article explains, “The differences between today and yesterday are especially stark. Whereas a conventional 30yr fixed was available at 3.625% at almost any lender yesterday, it's almost non-existent today. 3.75% has taken over as a far more prevalent quote for top tier borrower and 3.5% is basically a memory for all but those who want to aggressively buy-down their rate (i.e. pay more upfront cost for a lower rate). Just so we're clear, these numbers are based on actual lender rate sheets that are 'live' right this very moment (the afternoon of Friday, Feb. 6th). As always, things can change on the next business day. While the long term trends in rates are far from defeated, this is now the most serious threat that trend has seen in several months. It's risky to bet on rates bouncing back lower until they actually show some desire to do so.”
Clearly this upset will be a disappointment for those who have been floating and waiting for lower mortgage rates. But as the article points out, not all hope is lost just yet. Blue Home Loans explains that there are still many things that could continue to contribute to mortgage rates going down, but for now, the safest thing for borrowers to do would be to check in with their lender early next Monday to see how mortgage rates are faring. Those who have not yet applied for a mortgage loan may want to think about doing so soon, since if rates improve the week after the employment report (as has been the trend for quite some time), they will want to be in a position to lock in. Even if Monday shows that mortgage rates are making a stronger move towards higher levels, borrowers might want to lock in, as these current levels may be the lowest ones available for a while, if that is the case.
California borrowers who want to be sure that they benefit from the lowest California mortgage rates in 2015 will find that they can count on the mortgage experts at Blue Home Loans, Inc. to find them the best rates and mortgage programs for their unique financial situation and home loan goals. Co-owner of Blue Home Loans, Brandon Blue, says, “I love the personal satisfaction that I receive when I am able to save my clients both time and money--getting them the best deal I possibly can on their home loan. Whether you are looking to purchase your dream home, or want to save money on your existing home, feel free to give me a friendly phone call. I promise that you will not be given some cheesy sales pitch, and that I will listen to your mortgage needs without utilizing any high pressure sales tactics.”
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