Mortgage Rates Hold Steady Near Highest Levels In 2 Months

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California mortgage company, Blue Loan Services, comments on this current situation and gives some advice for mortgage seekers.

Blue Loan Services

Blue Loan Services

Mortgage rates leveled off on Monday, following a week of disappointment for mortgage borrowers that saw rates moving from the best levels in several weeks to the worst levels in several months. This volatility was the result of the shifting concern about the situation in Ukraine, plus the pressure from economic data which is still being affected by unseasonably cold weather. 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 10th report from Mortgage News Daily states, “Mortgage rates leveled-off today, after rising to 2-month highs after last Friday's Employment Situation ('Jobs Report'). Today's rates were just slightly lower, but apart from Friday, were as high as they've been since early January for most lenders. 4.5% remains the most prevalently quoted conforming 30yr Fixed rate for the best-qualified borrowers (best-execution). When adjusted for day-to-day changes in closing costs, rates moved lower by an equivalent of 0.02% today.”

Blue Loan Services explains that the slightly better rates are a good sign, since usually the momentum from the better than expected Jobs Report would have pushed the higher movement over the weekend. They also explain that this week may be a slow one for rates, as the next important report which would affect mortgage interest rates is scheduled for release on Thursday morning. However, until then, rates should be pretty stable, barring any international drama, especially out of Ukraine.

The mortgage company explains that because of this seeming lull in rates, borrowers may want to chance floating their loan rate, at least until it is clear which way rates are headed. Of course, this should be done so very cautiously, with a finger on the “lock” trigger, just in case rates start to head up again. Rates are expected to rise overall this year, which is why any slight improvement could be reason enough for a home loan borrower to grab the savings and lock in their rate.

Blue Loan Services can help those 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

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Brandon Blue
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