Interest Rates Decrease After Release Of Employment Report

LoanLove.com provides tips for borrowers on getting the best out of the current low rates in a new article.

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San Diego, CA (PRWEB) October 24, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. The Loan Love website has a number of article guides and videos to help loan borrowers understand the on going events in the mortgage industry. A recent article from the website helps loan borrowers to find and compare loan rates using the handy live rate quote tool provided. This guide is especially useful right now, after the interest rates decrease that followed the release of the long awaited Employment Situation Report.

The decrease in mortgage rates is great news for those who have been putting off their plans to apply for a home loan due to the higher rates the mortgage industry has gone through the past months. A report from Mortgage News Daily, posted on October 22nd, says:

Mortgage rates fell abruptly today, after the long-awaited Employment Situation Report painted a bleaker-than-expected picture for labor markets. The report was originally scheduled for October 4th, but was delayed due to the shutdown. Conforming 30yr Fixed rates (best-execution) moved down to 4.125% for many borrowers depending on the scenario, though some lenders remain at 4.25%. To say that financial markets had been eagerly anticipating the release of this data is an understatement. Apart from a brief spat of volatility leading into and away from the debt ceiling deal, the absence of this jobs report has been the driving force for rates markets--acting to prevent any convicted movement in either direction. As those barriers were lowered today, and as the report spoke to ongoing labor market weakness, bond markets improved significantly, including MBS, the "mortgage-backed-securities" that most directly influence rate sheets. When MBS prices improve, rates fall--all things being equal.”

However, just because rates are now lower it does not mean that borrowers should let their guard down and just get the first loan that has an attractive posted rate. There are a few things that should be considered when it comes to judging which loan is actually the best deal over all. Loan Love explains what a few of these things are in their new guide. The article says: “With so many lenders offering mortgage products today, it can be difficult to know which loan is truly the best deal for you. Fortunately, there are a few relatively simple ways to compare mortgage interest rates, and taking the time to explore at least one of them could mean big savings for you over the life of the loan.”

The article then gives some practical advice for those who are looking to apply for a mortgage loan. These tips, as well as access to the website’s Live Rate Quote feature, can be found by clicking here to view the full guide.


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