Mortgage rates were for the most part unchanged today from last week's most recent levels. Last week's NFP report, which was posted on Thursday due to the 4th of July falling on Friday, pushed mortgage rates into a new higher trend and this week the question is whether that trend will continue or if rates can recover and go back down. Today's quiet market session does not yet offer any solid information on which way things will go.
That same article continues: "The past week saw a decided shift up to 4.25% with Thursday's weakness simply increasing closing costs and confirming 4.25% as the most-prevalently quoted conforming 30yr-fixed rate for ideal scenarios. That naturally remains the case with today's 'unchanged' rate sheets. 4.125% is much less likely today, but it wouldn't take too much improvement to get it back for some lenders. 4.375% on the other hand, is farther from consideration and would require another week of moderate losses before becoming more commonly quoted."
Blue Home Loans explains that with rates staying at the same levels, the question of whether to lock of float depends mainly on personal preference. There may be a chance that rates will slowly go down in the weeks ahead, but for those who are averse to any risk, locking I still the only non-risk option.
Those who are near to closing on their loans should especially consider locking, while those who have not even started their loan process can consider locking in on application. If they lock in with a lender that allows for renegotiation, they will also have the chance to keep their options open in case rates do go down before they close on their loan.
Blue Home Loans can help
"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
Read the full story at http://www.prweb.com/releases/blue-home-loans/rising-rate-trends/prweb12001734.htm
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