SAN DIEGO, Sept. 27, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Over the past few days, the housing market has been experiencing a decrease in mortgage interest rates, the lowest in over three months. This recent interest rates shrink has given loan borrowers a chance to seize the best interest rates for their home loans and with the many new innovative features at LoanLove.com, finding the best rates has been made more accessible. Such features, like the live rate quote tool, allows loan borrowers the opportunity to compare different interest rates before deciding on the loan that suits them best.
Undoubtedly, the drop in mortgage rates has been nothing but good news for those following
mortgage interest rates
closely, especially with interest rates being so high after a big jump back in June. The increase in interest rates resulted as part of an announcement made by the Federal Reserve claiming that they would be withdrawing support on their bond purchases sometime this year. In return, interest rates retroactively took change and started climbing to meet expectations. A new statement from the Federal Reserve an FOMC meeting on September 18th was made affirming that they would not put an end to their spending on their bond purchasing program just yet, much to the relief of many. Because of this, mortgage interest rates are dwindling back to the lows rates experienced prior to three months ago.
As a report from the Mortgage Daily News posted September 25 announces: "Mortgage rates fell to new 3-Month lows today. That makes this the 11th straight day where rates have held steady or moved lower. Conforming, 30yr Fixed rates remained at 4.375% (best-execution) for most lenders with the improvements coming in the form of lower closing costs or higher lender credit. Some lenders are efficiently priced at 4.25% as well. As we noted yesterday, the burden of proof is on the scheduled economic data when it comes to determining whether or not the Fed is likely to move back toward its previous stance on tapering. In simpler terms, if the data says the economy isn't improving enough, the Fed is justified in continuing to hold off. As long as they hold off, interest rates benefit in general."
Loan Love indicates that now would be a good time to snatch a home loan rate while these
low interest rates
persist. Some of the following tips Loan Love offers to loan borrowers when searching for a home loan rate are:
The importance of researching any loan option. Low rates may make some people anxious to apply for the first loan that offers a lower rate, however this could be a mistake, as there could be other drawbacks to the loan that are not immediately apparent. Taking a little time to thoroughly research the loan is always important, even when rates seem to be moving so fast.
- Using tools such as the mortgage calculators and the live rate quote tool on LoanLove.com can help loan borrowers to locate the best possible loan scenario for their situation.
- Locking in the rate on application (which has been advocated the last few months as rates were continuously rising) is not absolutely necessary, as some still expect rates to edge slightly lower. However, Loan Love cautions borrowers against floating too long, as there could be changes to these rates without any prior warning.Loan borrowers can safely remedy their home purchases with these new rates that they may now find and compare with Loan Love's live rate quote tool. For more information finding the best home loan rates and find a live rate quote, please visit LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com
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SOURCE LoanLove.com
