California Mortgage Rates Near Two Month Highs
San Diego, CA (PRWEB) March 31, 2014 -- After more than five days of steady or improving rates, California mortgage rates finally started to creep up over the past few days and today saw rates climb near the highest levels they have been since earlier in January this year. Blue Loan Services, a full service California mortgage company that has been providing the lowest rates and best loan products for many years, comments on this current situation and gives some advice for those who are not sure how to best proceed with their home loan plans.
A March 31st report from Mortgage News Daily says, “Mortgage rates continued higher today, as part of a 2 day move following 5 straight days of improvement. Nearly all of that improvement has been erased and rates are now in line with the afternoon following the FOMC Announcement on March 19th. That leaves today with the second highest rates since January 9th. When adjusted for day to day changes in closing cost, rates moved 0.05% higher today on average. That leaves the most prevalently quoted conforming 30yr rate for top-tier scenarios (best-execution) well into 4.5%, with a few lenders now approaching 4.625%.”
Blue Loan Services explains that these higher mortgage rates follow volatility in MBS and treasuries. Despite the fact that the Global Economic Data was worse than expected earlier today and the fact that Fed Chair, Janet Yellen, made comments to reassure the public that the Fed would continue to be committed to the stimulus for quite some time, (both situations which might cause rates to go down) it seems that the trend has definitely turned in the upwards direction. More economic data scheduled for later this week, especially Friday’s jobs data, will set the pace for where rates will head from here.
For California borrowers who have been floating their rates, or who have yet to start their loan approval process, Blue Loan Services advises that continuing to float this week could be very risky. With numerous economic reports resulting in many chances for rates to get higher this week, the mortgage company’s advice to lock the current rates with a lender that allows for renegotiation still stands. This strategy allows the borrower to lock in a “safe” rate that is still quite reasonable and have the option to renegotiate down to a lower rate if mortgage rates decrease before their loan closes. Those who decide to float without this safeguard may find themselves regretting not saving a lower rate if rates continue to climb in the future.
Blue Loan Services can help borrowers within California who wish to lock in today’s low mortgage rates to find the best possible loans for their situation and work quickly to get approved so that they can avoid higher rates down the line. Their fast online loan application and documentation portal makes it simple for clients to submit their application and keep track of their loan’s progress. With a reputation for fast, reliable and courteous service, the company’s team of experienced loan officers can be especially useful during this time of uncertainty in mortgage rates.
For more information on how Blue Loan Services can help California home loan borrowers get approved for their home purchase loan or refinance quickly, please visit BlueLoanServices.com or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.
CA Dept of Real Estate -- Licensed Broker #01094374 NMLS #938365
Brandon Blue, Blue Loan Services, http://www.blueloanservices.com/fast-quote/?PRweb, +1 949-291-8468, [email protected]
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