San Diego, CA (PRWEB) May 19, 2014
It was a stellar week for mortgage rates last week, with levels reaching the lowest they have been in 11 months. Some of these gains were erased by the end of the week, but starting this week it seems mortgage rates are holding steady or are just up very slightly. 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 Mortgage News Daily report posted on May 19th says, "Mortgage rates began the day in roughly the same territory as Friday afternoon. Some lenders were in slightly better shape while others were slightly worse. Afternoon weakness in the secondary mortgage market led several lenders to reprice negatively, but even this didn't take rate sheets too far away from where they had been. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.125%, but several lenders are better-priced at 4.25%. Most borrowers will experience today's move in the form of higher closing costs for the same rates quoted yesterday. In terms of effective rates, that rise in closing cost equates to a hike of 0.02%."
Blue Home Loans explains that this week will be a slow one as far as scheduled economic report which could have a heavy influence on rates. This does not rule out other factors, such as the situation in Ukraine or other international events. Because of this, rates might be pretty steady this week, neither going very far up or very far down. The mortgage company advises that those who are near to closing on their home loans may see this is a sign that they should lock in their rates, as the risk for rates to bounce up is greater than the potential for them to go down, at least in the short term. 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 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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