Higher Mortgage Rates For CA Borrowers With Employment Situation Report Just Around The Corner
San Diego, CA (PRWEB) April 02, 2014 -- Decent data from the ADP report earlier today was partially responsible for a move to higher mortgage rates. With the much more important Employment Situation report scheduled for release this Friday, many California borrowers may be wondering if this is a foreshadowing of a bigger move upward for rates. 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.
An April 2nd report from Mortgage News Daily states, “Mortgage rates moved higher again today, this time taking them definitively past any of the recent highs in March. In fact, to find rate sheets in any worse shape on average, you'd have to go back to January 9th, the day before a downbeat Employment Situation report helped fuel the rate recovery through the rest of the month. Our current situation is not all that dissimilar. Once again, a potentially pivotal Employment report approaches this Friday with rates ready to move higher or lower at a quicker-than-normal pace depending on the tenor of the data. It's not quite as dire a situation as early 2014 when rates were at the highest levels in more than 2 years, but neither is it pleasant to have rates at their highest levels in more than 2 months.”
The MND article continues, saying, “Today's weakness was partially a product of decent economic data this morning, but just as much to do with simple ebbs and flows that characterize the non-linear movements in financial markets. These have been fairly regular and occurring in a fairly narrow range throughout March and into April. Rates moved to 2-week lows at the end of the month and quickly back above 2-week highs into the new month. It's not uncommon for markets to push the limits of trading ranges heading in to important economic data.”
Blue Loan Services explains that the upcoming jobs report makes floating now a very risky gamble for California home buyers who are going through the loan process but have not yet locked in their mortgage interest rate. Over the past few days, rates have gotten progressively worse. Because of this, the mortgage company suggests that the best course of action is to lock in the current rates and look to renegotiate afterward if rates do go down instead of up. In order to do this, borrowers will first need to look for a lender that does allow for renegotiation and in this current uncertain rate environment it might be best to lock-in on application. This strategy gives the borrower the peace of mind that they already have a decent rate locked in, while also having the option open to grab a lower rate if one presents itself before they close on their loan.
Blue Loan Services can help borrowers within California who wish to lock in today’s lowest 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
Brandon Blue, Blue Loan Services, http://www.blueloanservices.com/fast-quote/?PRweb, +1 949-291-8468, [email protected]
Share this article