San Diego, CA (PRWEB) May 22, 2014
Mortgage interest rates improved slightly this morning but ended the day at levels virtually unchanged from yesterday's closing rate average. Rates have been very steady over the past few days and, at least for today, mortgage rates remain near 2014 lows. 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 22nd report from Mortgage News Daily gives a brief review of the current mortgage rate environment. It says, "Mortgage rates, once again, are ending the day essentially unchanged compared to the previous day. Morning rate sheets were in stronger territory, in some cases approaching those seen on May 15th (best day of the year so far), but market weakness caused some lenders to raise rates in the afternoon. This brought the average back in line with yesterday's. As such, the most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains 4.125%. Many lenders remain better-priced at 4.25%. "Better-priced" in this context, means that the combination of closing costs and contract rate (the actual interest rate at the top of a mortgage quote) presents better bang for the buck. Interestingly enough, on paper, yesterday and today had the highest potential this week to see big market movements, yet they've both resulted in unchanged rates. While this can happen when major forces oppose each other and result in a stalemate, the current situation is more about a lack of conviction to move too quickly in either direction."
Blue Home Loans explains that the current situation makes floating less risky, but the reward factor for floating will probably not be that good either. Since rates have been at the bottom of the recent range for so long, unless they push further downwards into new territory, there is a good chance that they will bounce higher before getting any lower. Because of this, the mortgage company advises that those who are near to closing on their loans may wish to lock in their rates now. 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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