San Diego, CA (PRWEB) May 30, 2014
Mortgage rates are hovering around the same levels for the time being, still near the rates of yesterday’s quick bounce back from the lowest levels in months the day before. Blue Home Loans, Inc., a California-based full service mortgage company that has been helping CA residents find the best rates and loans available for many years, has been keeping track of these recent mortgage rates trends and now comments on the current situation and offers some advice for those who are not sure how to proceed with their home loan plans.
A May 30th report from Mortgage News Daily gives a quick review of the current scenario. It says, “After the strong move lower in rates through yesterday morning and a disconcertingly sharp pull-back yesterday, possibilities for today were diverse. It wouldn't have been a surprise to see rates correct a bit higher or to move back toward yesterday's lows, but neither of those extremes have shown up today. Instead, we're left with what is probably the most staid scenario where trading levels are simply orbiting around yesterday's latest levels. With a low of 2.45 and a high of 2.49, the consolidation around the important 2.47 inflection point in 10yr yields borders on ‘scripted.’”
The same article says, “MBS have been doing a somewhat similar dance around 102-29 in Fannie 3.5s, though they 'freaked out' a bit more into this morning's weakest run. 10am provided a solid bounce, though, bringing them right back to opening levels. While some correlation could be argued with the economic data, bond market reactions have been brief. Very likely, we're seeing the default game-plan for bond market trading today and data would only have mattered had it been wildly far from forecasts. Even then, it still might not have mattered in the current environment (case in point: crappy GDP yesterday and the day ends with bond market losses).”
Blue Home Loans explains that the current lack of movement seen in bond markets (especially mortgage-backed savings (MBS), which directly influence mortgage rates) does not mean that current economic data is irrelevant right now – it simply is not having the same impact it normally would, as markets seem to be getting ready for more important considerations, which will come to fruition late next week. This does not mean that rates will not move around a bit until that time. Rates can move up or down on what seems like a whim, which is why it is so important for those looking for the best rates to stay on top of any changes in mortgage markets so that they can lock in the best deal.
At the moment, rates are still near the lowest levels of the year, and while it is possible rates could go lower, there is also the risk that they will get higher. Because of this, the California mortgage company suggests that locking in the current rates might be the best option, especially for those who are near to closing on their loans. Even those who have not started their loan process yet can benefit from this advice by locking in on application with a lender that allows for renegotiation. This will allow them to keep current low rates in reserve while keeping their options open in case rates dip even lower before their loan closes.
Blue Home Loans can help California borrowers who are looking for the best rates, lenders and loan programs to find exactly what they need so that they can take advantage of today’s lowest mortgage rates and save thousands of dollars on their loans. As the Blue Home Loans website says, "We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs."
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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