San Diego, CA (PRWEB) June 11, 2014
Mortgage rates managed to stay sideways to slightly lower today, making it the first day in the last nine days where rates have not stayed the same or gone higher. 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.
A June 11th report from Mortgage News Daily gives an accurate view of the current situation. It says, “Mortgage rates took the day off from their fairly pervasive move higher. Day-over-day rates have been the same or higher for 8 out of the last 10 days. By the skin of its teeth, today wasn't one of them. While a few lenders are unchanged or slightly higher in rate, the average lender is microscopically lower. This wouldn't change the actual rate you're being quoted, but it could make for a slight reduction in closing costs compared to yesterday's quotes (in terms of effective rate, the improvement equates to 0.01%). The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.25% for a third straight day.”
The article continues, “So far, this week has been lacking in terms of scheduled events to serve as potential sources of inspiration for financial markets. That changes tomorrow as several important pieces of data will be released, led by the Retail Sales report in the morning. Given that rates essentially leveled off today after pushing a bit higher over the past three business days, it's definitely possible that markets are planning on taking their next cue from the data. Generally speaking, rates are still in the process of trending higher, but a weak enough Retail Sales report could change that.”
Blue Home Loans explains that in the current situation, it is difficult to predict where the next big move for mortgage rates will come from. While rates have started to climb slightly upwards, they are still in line with the levels seen recently, and today’s slight improvement continues to show that rates are going to stay within a very narrow range until something manages to push them significantly higher or lower. For the time being however, the lack of movement has minimized both the risk and reward or floating a home loan rate, so borrowers will have to assess their plans and counsel with their loan officer as to when the best time to lock would be.
The California mortgage company does not that those who are already near to closing on their loans may find that locking in the current rates is their best option, since rates are still near the lower levels of this year, and floating risks losing more of these gains. Even those who have not started their loan process yet can benefit from this advice by locking in on application with a lender that allows for renegotiation. This will allow them to keep current low rates in reserve while keeping their options open in case rates dip lower before their loan closes.
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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