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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 26, 2014
Yesterday mortgage rates finally broke lower than the very narrow range they have been stuck in. Today rates stayed at these new low levels or were just slightly lower, which offers hope that this new move is a definite break from the range. 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 26th report from Mortgage News Daily gives a clear picture of mortgage rates right now. It says, "Mortgage rates moved just slightly lower on average, though some lenders were unchanged or higher. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains at 4.125% for a second day, with most borrowers seeing today's improvement in the form of lower closing costs. Expressed in terms of 'effective rate,' the drop in closing costs amounts to 0.01%. Today's rate/cost combination is the best it's been in June, but not quite back to some of the offerings in late May."
The same article states, "Today's improvement in bond markets (and consequently, mortgage rates) offers another degree of support for the notion that that rates have broken out of the sideways range that dominated the month of June. For those inclined to lock, it wasn't a bad call yesterday and it still isn't today, if for no other reason than rates are at their best levels of the month and fairly close to the best levels of the past 12 months. Of course there's a chance they could continue lower. If you're inclined to hold out for further improvements, just be ready to lock if markets move against you. Floating will be riskiest after Monday of next week."
Blue Home Loans explains that while these new lower rates are great news for borrowers, it is important to keep vigilant when it comes to floating. Those who do decide to float should keep in mind that rates have gone down or stayed the same over the last ten days, and the longer a trend in mortgage rates is sustained the higher the risk that there will be a "correction" in the opposite direction soon enough. Another factor is that end of the month trading can often lead to a slight increase in rates. Because of this, those who choose to float should do so while staying in close touch with their loan officer who hopefully keeps a vigilant eye on financial markets.
Those who are near to closing on their loans should definitely consider locking in the current mortgage rates, as it is unlikely they will get to see rates this low before they close on their loan - and even if they do, the risk of a higher rate would outweigh the benefit of a fractionally lower rate. Even those who have not yet started their loan process can benefit from today's rates by locking in with a lender that allows for renegotiation. This will allow them to keep these very low mortgage rates in reserve, but will also allow them to keep their options open in case rates drop 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 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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