Mortgage Rates Still “Under 4 Percent” – Time For A New Home Loan Or Refinance?

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Blue Home Loans, Inc. takes a look at the current mortgage rate trends and gives some advice to borrowers on how to proceed with their home loan plans.

Blue Home Loans, Inc. is California full-service mortgage company that has been helping CA residents find the best home loan deals for many years. With the recent downturn in mortgage rates, the company has been offering advice to those who are wondering whether now is the right time to apply for a new home purchase loan or a refinance. Currently, 30 yr fixed rate mortgage rates are still under 4 percent for top tier borrowers; near the best rates in 16 months despite some volatility last week, according to mortgage and real estate news website, Mortgage News Daily.

An October 20th report from MND stated, “Mortgage rates returned to levels best characterized as "under 4 percent" today after drifting higher on Friday. Last Wednesday was the first foray into the "high 3's" in more than 16 months. Not every scenario will be seeing those high 3's today, but for top tier borrowers, 3.875% is slightly more prevalent today when it comes to conforming 30yr fixed rate quotes. 4.0% is a close runner-up, but 3.75% may be a viable option for borrowers interested in paying higher upfront costs.”

The same article continues, “Today's modest recovery suggests that we're in the midst of a few days of limbo relative to the bigger picture. Historically, after a big swing down in rate followed by a big snap back (like that seen last week) there has been a time frame of a few days or even a few weeks of comparatively smaller changes before rates embark on their next noticeable move. That means that long-term optimists can keep hope alive for further gains, but also that there's a risk they won't materialize. In any event, it won't be long before we know one way or the other.”

Blue Home Loans explains that for those who are currently floating their rates, locking in or continuing to float should be on a per case basis. Those who are near to closing and those who do not have much tolerance for risk might be wise to lock in, while those with a bit more time on their hands and who can afford to take some risks might find that waiting things out does indeed yield some rewards. For California based home owners or buyers who have been thinking about whether or not it would be advisable to apply for a new home loan, a mortgage professional from Blue Home Loans would be happy to explain what the best options currently are for their unique loan scenarios.

As the 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 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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