Mortgage Rates Hold Steady Against Bond Market Weakness
San Diego, CA (PRWEB) April 01, 2014 -- Mortgage rates remained the same on average today after spending the last two business days moving slightly higher. This is despite weakness in bond markets, which would usually result in motivation for rates to move upwards. Blue Loan Services, a full service California mortgage company that has been providing the lowest mortgage 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.
An April 1st report from Mortgage News Daily says, “Mortgage rates were relatively unchanged today, after moving higher during the past two sessions. The stability is somewhat counterintuitive as bond markets are slightly weaker. Typically, bond market weakness coincides with higher rates, but in the current case, yesterday afternoon saw moderate strength that came too late in the day to make it on to lenders' rate sheets. As such, we had a bit of a head start today and lenders were able to absorb the market weakness while keeping rate sheets essentially unchanged. Unfortunately, that also means that rates remain near the highest levels in almost 3 months. The last instance of meaningfully higher rates was before the January 10th Employment Situation report when the average top tier rate had been 4.625%. Today's most prevalently quoted conforming 30yr rate for top-tier scenarios (best-execution) remains at 4.5%, with a few lenders close to 4.625%.”
Blue Loan Services explains that because there are a number of very important economic reports coming up, floating right now might now be the best option. Though rates held steady today, they are unlikely to remain unchanged after the ADP tomorrow and Friday’s Employment Situation Report. Data from these reports will influence which way rates will head – whether up or down – and right now it is too risky to hope that the result of these reports will be rates decreasing. The smartest move is to lock in the current rates with a lender that allows for renegotiation and then, if rates do move down instead of up, the borrower will have the option of locking in the new rate. However, if rates go up, the borrower will still have the previously lower rate that they can hold onto.
Blue Loan Services can help borrowers within California who wish to lock in today’s lowest 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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