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California mortgage company, Blue Home Loans, Inc., comments on the current mortgage rates trends and offers advice for those who are seeking the best home loans.
San Diego, CA (PRWEB) June 24, 2014
There was some volatility in bond markets earlier today thanks to a number of factors, including todays Treasury auction and geopolitical concerns. Despite this, not much changed overall, and mortgage rates were mainly flat today, with some lenders offering slightly improved rate sheets while others are in slightly worse shape. 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 June 24th report from Mortgage News Daily gives a clear picture of the current situation with mortgage rates. It says, Mortgage rates were slightly lower today, but did not move much from yesterday's latest levels. Some lenders are even in slightly higher territory. Underlying market movement was volatile, but only in the context of a fairly narrow range. Geopolitical concerns, stock market weakness, and trading considerations relating to today's Treasury auction helped bond markets improve at their fastest pace of the day in the afternoon, prompting some lenders to reprice to slightly lower rates.
The article further explains, Mortgage rates exist primarily in .125% increments, and recent improvements brought average rates close to the next .125% lower rung on the ladder. So although today's improvement is quite small (it equates to roughly 0.01% in terms of effective rate), it is pushing the most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) closer to 4.125% from the recent 4.25% level. Both rates are common for the moment though 4.25% remains more so.
Blue Home Loans explains that mortgage interest rates have been stuck in a very narrow range, and have been in this range for much longer than a range this narrow is normally expected to last. While there is no way to know exactly when this range will be broken, given the length of time the range has been sustained combined with the upcoming calendar of events, it is possible this could happen some time towards the end of this week, and even more probable that it will happen some time next week. Of course, there is no way to tell if rates will break higher or lower until this does happen.
The California mortgage company explains that for most borrowers floating might be the best option until there is a clearer idea of where rates are headed. However, this should be done while keeping in close touch with a loan officer that has their eye on the markets that affect mortgage rates. Those who are nearer to closing within fifteen days or less should consider locking in the current rates, as even a temporary shift upwards for rates could mean losing out on saving money on a home loan. Those who have not yet started their loan process and are worried about higher rates later in the year can lock in on application with a lender that allows for renegotiation. This will allow them to keep current low mortgage rates in reserve, while also leaving their options open if rates drop lower before they close on their loan.
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 todays 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.
California Bureau of Real Estate -- BRE #01938557 NMLS #1162386
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