Mortgage rates moved slightly lower today, bringing them safely back into "the range" which has been prevalent for around two months now. This range is an extremely narrow one, ranging between 4.125% and 4.25%, usually with closing costs being the only real palpable evidence of any slight "dips" or "increases" in rates.
That same article says, "As has so frequently been the case in 2014, any time we're inside a narrow range, borrowers who are inclined to float have more justification in doing so, provided they're ready to lock if rates move back to the higher end of the range. On a cautionary note, while rates have adhered to this range for 2 months now, the visits to the lowest levels have been progressively higher. This could indicate that the longer-term momentum is pointing very slightly higher, and we'd need to see a move below late June lows to rule that out."
Blue Home Loans explains that in the current situation floating could be a good option for those with longer lock periods, as long as they keep a close eye on the markets and also keep in close contact with their loan officer in case they see an opportunity (or the necessity) to lock. Those who are nearer to closing on their loans may wish to simply lock in today's best home loan rates, as they may not get a better chance to do this before their loan comes to a close.
In the case of those who are just starting with their loan process, the company stresses the importance of finding the right loan product, since the possibility of a long term increase in rates will make finding an affordable loan scenario a bit trickier. New borrowers who are worried about rising rates can always lock in on application and if they do this with a lender that allows for renegotiation, they will still have their options open in case they see better rates before closing 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/mortgage-rates-dip-lower/prweb12005168.htm
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