San Diego, CA (PRWEB) June 08, 2014
Mortgage rates came out of last week's big ECB meeting and NFP report virtually unscathed, with rates still holding to recent levels. But what can mortgage borrowers expect in the week ahead? 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 recent report, posted on June 6th from Mortgage News Daily, gives a good rundown of the events of last week, and a bit of insight into what the near future holds for mortgage rates. It says,
"It has ended up being the case this week, that much of the potential market movement associated with this important events actually took place before Memorial Day. In other words, expectations for a certain set of actions by the ECB were widely-enough accepted that rates began falling to levels that traders felt were best-aligned with the likely events. Today's jobs report was just a supporting actor in this drama, but there too, the consensus was for the decrease in payroll creation from 288k to 218k. Lower job creation tends to coincide with falling rates, all things being equal. After some volatility in the immediate run up to the important events, we've ended up very much in line with the rates seen heading into memorial day. In some cases, closing costs are slightly higher now, but the most most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) is still 4.125%--still sharing that designation with 4.25% depending on the lender. The inspiration for the next concerted market movement is anyone's guess at this point. It's not safe to plan on rates moving in either direction in the short term, but recent levels of volatility suggest there's not much risk in being wrong."
Because of the current uncertainty of where rates will be headed, Blue Home Loans explains that the question of floating or locking becomes much more up to the individual and their level of risk aversion. There may be a chance that rates will go down this week, but there is just as good a chance that rates will remain the same or even start to go up. The California mortgage company explains that those who are near to closing on their loans may wish to lock in the current rates, which are still near the lowest levels of the year, as even a short spike in rates could erase their chance of availing of 2014's rate gains so far. 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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