Mortgage Rates Fluctuated Today 6-4-13

Today's mortgage rates did not change very much from yesterday's fall. The 15 year FRM rate did not budge from yesterday's 3.14%. Recent rate trends have reflected strengthened rates in response to rising consumer confidence and optimistic economic data.

30-year fixed-rate mortgage (FRM) interest rates increased by 0.01%, averaging 4.01% and matching the 52-week high of 4.01%.

The 15-year FRM rates did not change, with rates staying at 3.14%, and matching the 52-week high of 3.14%.

FHA 30-year FRM rates decreased, dropping to an average rate of 3.54% and increasing from the 52-week high of 3.72%.

Nonconforming conventional loans also dropped this session, decreasing to 4.19% from 4.20% and situating farther from the 52-week low of 3.54%.

Adjustable-rate mortgage (ARM) Loans increased today by 0.01%. The 5/1 year ARM is at 2.91%, achieving a new 52-week low.

Borrowers hoping to obtain a home purchase loan during the summer home buying season should pay extra attention to the secondary mortgage market to determine the best time to lock. Experts are predicting that rates will continue to increase over the next year, and interest rates have recently followed this prediction after remaining at a steady low for the first quarter of 2013. With the recent volatility in the market, borrowers should set personal minimum and maximum limits to lock in on, thus obtaining the lowest mortgage rates whether rates rise or fall.

Gretchen Wegrich

Gretchen Wegrich is an editor at Lender411. She specializes in mortgage basics, personal finance and green living. She graduated with a bachelor's degree in writing from University of California, San Diego and previously worked at the Santa Cruz Sentinel. Contact her at gretchen@lender411com.