Mortgage interest rates moved down again today, bringing them in line with July's lowest rate levels. Rates have been decreasing over the last few days in small increments, and today was no different – however, this slight decrease finally moved rates back to the best levels seen this month.
That same article also explains, "With today's gains, rates have strung together a full week without moving higher at all. Those are the sorts of streaks that only last for so long before turning around, even if only temporarily. In other words, 5 days is long winning streak when it comes to rates. Each successive day makes it exponentially more likely to take a breather. Combine that with the fact that 4.125% is on the lower end of the 2014 rate range and those inclined to lock are perfectly justified. Risk-takers holding out for further gains also have some room for weakness as rates aren't likely to break above June/July highs without ample warning, and it's those highs that would be the most aggressive line in the sand at which floaters should lock to prevent further losses."
Blue Home Loans notes that those who have been floating their rates have had their waiting paid off today; however, these new lower rates could come to an end soon. Today marks the fifth day in a mortgage rate rally, and as the article quoted above mentions, the longer a particular mortgage rate trend continues (in this case – a downward trend) the more likely it is that the trend will reverse and possibly bounce back much higher. Because of this, it may be the best bet for those who have been floating to lock in as soon as they can, especially those who are near to closing on their loans. Those who have not started their loan process yet can also take advantage of today's low home loan rates by locking on application, preferably with a lender that allows for renegotiation so that they will have their options open in the even that rates drop any lower before they close on their loan.
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Read the full story at http://www.prweb.com/releases/blue-home-loans/july-low-mortgage-rates/prweb12013774.htm
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