Despite stronger than expected economic data yesterday, bond markets still managed to win some gains following influences from European markets rather than domestic economic reports. Mortgage rates however did not decrease as much as market movement would have implied, which is likely due to the long weekend following the last trading day of the month. As it stands, rates are still frozen near the best levels of 2014.
That same article goes on to explain, "The lack of material improvement in mortgage rates is notable today, considering the underlying markets that most directly affect rates would indicate some improvement. This is one of the few instances where mortgage-backed-securities (MBS) will be in better shape without any noticeable effect on loan pricing. This phenomenon actually isn't that uncommon on the day before a 3-day weekend, and especially when it happens to be the last business day of the month."
Blue Home Loans explains that since yesterday's lack of movement seems to have been primarily due to the end-of-the-month/3-day-weekend combo, there may be some hope that rates could go lower, possibly even to the lowest rates so far this year, when trading resumes on Tuesday. Because of this, those who were not able to lock in this week's low rates should feel assured that floating over the long weekend could turn out to be a profitable move.
For those who are just starting out with their loan process, applying for a loan next week and locking on application is always an option, but borrowers may wish to do this with a lender that allows for renegotiation, in case rates drop even lower before they close on their loan. Those who do not immediately lock in their rates will want to be sure that they can depend on their loan officer to keep them informed of any situations where locking would be favorable, or the best option to avoid higher rates.
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/rates-frozen-2014-lows/prweb12133742.htm
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