San Diego, CA (PRWEB) March 13, 2014
Potential loan borrowers are enjoying a significant drop in mortgage rates now, as concern about the situation in Ukraine heats up again. 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 13th report from Mortgage News Daily says, “Mortgage rates moved significantly lower today after Secretary of State Kerry warned of repercussions for events in Ukraine. Crimea is set to hold a referendum on Sunday deciding whether or not to rejoin Russia. Kerry indicated, were the referendum to happen, that there would be "serious series of steps" on Monday carried out by the US and Europe. Markets reacted immediately, and maintained momentum for the rest of the day.”
The same article state, “MBS saw their best gains since January 10th today, and lender rate sheets reinforced that. When adjusted for day-to-day changes in closing costs, rates fell by an equivalent of 0.07% today, and that's just the average. It was enough to bring the most prevalently quoted conforming 30yr Fixed rate for the best-qualified borrowers (best-execution) back down to 4.375% after a recent stint at 4.5%.”
Blue Loan Services explains that whenever there is geopolitical unrest affecting markets, there is an increased demand from investors for “safe haven” investments such as mortgage backed securities (MBS). MBS directly affect mortgage rates, and thus in times such as these rates will often head downward. This is good news for California mortgage borrowers.
But, while rates could continue to go down if instability mounts in that area, Blue Loan Services warns that there is also the possibility that rates could go up again quickly if a resolution is reached. This has happened just recently with the same situation making for lower rates but then cooling off again, leading rates to head back upwards. Since there is no way to tell which way rates will head and when, the mortgage company advises that it is definitely safest for mortgage borrowers to lock in today’s rate gains.
The temptation to float is still high though, since rates could improve further, but if this is done it should be done very carefully. Also, it is good to remember that many lenders allow those who lock in their rates renegotiate if rates do drop significantly before the loan closes. 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.
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