San Diego, CA (PRWEB) July 06, 2014
Last week saw mortgage rates steadily climbing, and as the holiday shortened week closed on Thursday that day’s Jobs report only confirmed that the increasing rate trend was going to stick around. There were also a number of factors that tamped down the severity of the increase, such as strength in European markets which helped to minimize the affects of a stronger than expected Jobs report, but the fact remains that rates are now on the rise once again.
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.
Those who are wondering just how rates were affected last week need only look at Mortgage News Daily’s report for July 3rd, the last day of the business week, due to the holiday on the 4th. The report says, “Mortgage rates were higher yet again today, taking their cue from the Employment Situation report. This is the big "jobs report"--the most important piece of economic data month in and month out. It is widely expected to always be the key consideration on the day it's released and today was no different.”
That article continues, “Less expected was just how strong it was--at least at the headline level. The most important component of the report is the Nonfarm Payrolls reading (which is why you'll sometimes see it referred to as NFP), which came in at 288k today compared to a forecast of 212k. The forecast is derived from the median of multiple analayst/economist forecasts submitted to major data aggregators like Reuters and Bloomberg. When the actual result is stronger than expected, bond markets--and thus mortgage rates--tend to suffer.”
Blue Home Loans explains that while rates did start to head up, the move was subdued somewhat. Reasons for this include the fact that mortgage rates had already been heading up over the past few days (in anticipation of what many expected to be an over-performing NFP report) as well as strength from Europe which served to buoy domestic bond markets a bit. But, despite this helping hand from Europe, the fact remains that the new trend is now an upward one. Because of this, the necessity of finding the right loan program becomes even more important for those who want to save money on their home purchase. Tighter loan requirements can limit many borrowers’ loan options, but there are still many good programs that remain affordable despite recent increases.
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 thousands of dollars 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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