San Diego, CA (PRWEB) May 12, 2014
Home loan borrowers enjoyed rates at the lowest levels of this year last week and part of the week before, but this week it definitely looks like mortgage interest rates are moving out of the recent low 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 May 12th report from Mortgage News Daily gives a brief overview of the current state of mortgage rates. It says, "Mortgage rates continued higher today, adding to the corrective rebound from last week's 6-month lows. There were no significant events or news stories behind the move. The financial markets that underlie mortgage rate movement are simply in the midst of a correction--a fairly natural phenomenon that equalizes a previous imbalance. In this case, a strong move to the best levels in over 6 months is being met with a nominal correction to something just a bit higher in terms of rates. For many borrowers, the changes will only be seen in the form of higher closing costs with the most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remaining split between 4.125% and 4.25%, but now heavily favoring the latter. Today's move equates to an effective increase of 0.04%."
Blue Home Loans Inc. explains that those who have been floating their rates might take this new development as a sign to lock in. Mortgage interest rates are still quite near their lowest levels so those who have not taken advantage of the last week should definitely take this into consideration. Of course, there is always the chance that some new factor might cause rates to remain low or even go further downwards; however, since rates are still near the bottom of the current range there is not much to gain if rates go back down but there is a lot of risk as rates have room to go a lot higher.
Because of this, the California mortgage company advises that the best course of action for most borrowers would be to lock in the current low mortgage rates. Those who are near to closing on their home loans should especially consider locking in the currently low mortgage rates available, but even those who have not started their loan process yet can benefit from this advice by locking in on application, preferably 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 something big happens and rates dip 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.
California Bureau of Real Estate -- BRE #01938557 NMLS #1162386
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