The week in mortgage rates ended with a day of completely flat rates – something that defies the normally fluid nature of mortgage interest rates. This past week has seen rates stay in virtually the same range for extended periods, which on its own is something of an anomaly. However, the total lack of movement today is something even rarer.
Blue Home Loans explains that the lack of movement in mortgage rates has a number of factors behind it. Luckily, for borrowers, rates are holding out near the lowest levels in 11 months. Part of the reason behind this is due to the possibility of a European Quantitative Easing program, which would raise bond prices and could cause interest rates to go down. However, there are a number of other factors which are coming into play, most of which will be resolved in two weeks, at which point rates are expected to either start going back up, or drop even lower. There is no way to tell which way they will go until that time, so Blue Home Loans advises borrowers who are looking for the best home loan rates to proceed with caution.
In most cases, those who are near to closing on their loans should seriously consider locking in the current rates, as the risk of rates bouncing higher outweighs the reward if rates were to move slightly lower over the next week or so. 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
For more information on how Blue Home Loans can help
Read the full story at http://www.prweb.com/releases/blue-home-loans/mortgage-rates-unchanged/prweb11883195.htm
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