Mortgage Interest Rates Improve After Recent Increases

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LoanLove.com comments on the situation and gives advice on finding the best rates with their new rate comparison guide.

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. In order to do this, Loan Love is constantly providing readers with the most recent news and loan advice in their many articles and guide videos. Recently, the confirmation that Fed chair nominee, Janet Yellen, would keep Fed policy consistent as far as the stimulus programs Ben Bernanke’s Federal Reserve had in place, caused mortgage interest rates to recover from the recent increase that was caused by a stronger than expected jobs report.

As a November 13th report from Mortgage News Daily says:

“Mortgage rates fell today, erasing yesterday's weakness in many cases. There were no significant events in the morning, but bond markets had already improved overnight in Asia and Europe. The improvements held throughout the US trading day, allowing lenders to offer improved rate sheets compared to yesterday. This keeps the most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) at 4.375% whereas it had been in transit to 4.5% yesterday. To make matters slightly more optimistic, Janet Yellen--the nominee to replace Bernanke as the head of the Federal Reserve--will have her confirmation hearing tomorrow in front of the Senate Banking Committee. Her prepared remarks were released late this afternoon and led to further strength in bond markets. It was late enough in the day that most lenders didn't adjust rates sheets, though the gains seen in Mortgage-Backed-Securities would have justified it, had they happened earlier in the day. All other things being equal, this means tomorrow would start out with a bit of an advantage for mortgage rates. Even if rates simply hold steady, it would go a long way toward rejecting the trend higher that's been in force for the past two weeks.”

This is good news for anyone who has been considering getting a new mortgage loan but who has been put off by the recent increasing trends. However, the today’s low rates should not signal borrowers to let down their guard when shopping for a loan. Comparing mortgage rates and finding the right loan product could mean the difference between spending or saving thousands, and even hundreds of thousands, of dollars over their course of their home loan. A new loan rate comparison guide from LoanLove.com helps both new and experienced borrowers know what to look for when comparing mortgage interest rates, so that they can get the best possible loan deal.

The Loan Love guide 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.” And “Comparing the costs of multiple mortgages only sounds like a complicated and time-consuming task; the truth is, any of these simple comparison methods takes only a minimal investment of your time, but the results can yield huge savings for you over the lifetime of your mortgage.”

For more information, please read the full guide at LoanLove.com

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Kevin Blue
Loan Love
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