San Diego, CA (PRWEB) April 17, 2014
Mortgage rates moved sharply upwards after a number of factors united to erase the gains of the seven day mortgage rate rally enjoyed last week. Mortgage rates often get higher before a long weekend, but the question is – will mortgage rates be better or worse next week? Blue Home Loans Inc., 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.
An April 17th report from Mortgage News Daily states, “Mortgage rates moved sharply higher today on a combination of factors including strong economic data, developments in Ukraine, and prevailing market momentum. That momentum risked turning negative as soon as Monday, when rates ended their impressive 7-day rally. Rather than simply turn around and head the other direction, however, rates managed to hold mostly sideways until today. Part of the resilience had to do with Geopolitical risk swelling earlier in the week. As we noted on Tuesday, such strength only lasts as long as the risk stays elevated.” The same article continues,
“The net effect was a move back to 4.5% for most lenders as the most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution). It had been 4.375% yesterday, and some lenders may still be competitively priced at that rate. When adjusted for day-to-day changes in closing costs, today's rates are 0.06% higher.”
Blue Home Loans, Inc., explains that this surge in mortgage rates is not very surprising, seeing that rates had already been slipping into negative momentum over the past few days, and the headlines suggesting de-escalation in Ukraine mean that this particular geopolitical situation may not be showing up as a beneficiary of mortgage rates again any time soon. What does this mean for California mortgage borrowers? With the long weekend ahead borrowers will need to wait until Monday to see how rates will move after this sharp increase. However, it is possible that most of the damage has been done, and rates could improve very slightly after the weekend. Because of this, the California mortgage company advises that the best course of action right now might be to float, but with a finger on the lock trigger just in case it turns out rates head even higher going into the new week.
Blue Home Loans, Inc. can help borrowers within California who wish to lock in the lowest mortgage rates to find the best possible lenders and 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 easy 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.
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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