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California mortgage company, Blue Home Loans, Inc., comments on the current mortgage rates trends and offers advice for those who are seeking the best home loans.
San Diego, CA (PRWEB) July 11, 2014
Mortgage interest rates moved down again today, bringing them in line with Julys 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. 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 July 11th report from Mortgage News Daily gives further insight into the current mortgage rates situation. It says, Mortgage rates moved just barely lower today, bringing them in lines with the lowest levels of the month. In this case, when we talk about "the lowest levels of the month," it means that closing costs are as low as they've been for the same rates that have been available for the past several days. In other words, 4.125% is still the most prevalently quoted conforming 30yr fixed rate for top tier borrowers, but the closing costs associated with that rate are just a bit lower today vs yesterday. 4.25% remains fairly prevalent as well, depending on the lender and scenario.
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 todays 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.
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 todays 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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