Mortgage Rates 6-24-2-13

 Primary mortgage rates confirmed today what mortgage professionals and homebuyers feared last week; rates are not done climbing. Rates over the weekend continued their catastrophic climb, pushing the conventional 30-year fixed best execution rate to 4.49%. The sizeable increase in mortgage rates is being attributed to last week's announcement by the Fed. While mortgage professionals refer to the rate hike as "nightmarish," borrowers are encouraged to move quickly to lock in an acceptable rate.

30-year fixed-rate mortgage (FRM) interest rates climbed 0.20%, averaging 4.49% and setting a new record for the 52-week high.

The 15 year FRM rates also rose by 0.17% to 3.65%, achieving a new 52-week high.

FHA 30 year fixed mortgage rates also increased significantly, rising 0.28% to 4.25% and peaking at a new 52-week high.

Nonconforming conventional loans also posted a large increase, rising 0.19% to 4.54% and setting a new 52-week high.

Adjustable-rate mortgage (ARM) Loans followed today's trend and also increased, rising .07% to 3.09% and reaching a new 52-week high.

Advice for borrowers:  Are you in the process of purchasing a home? Start by carefully watching the secondary mortgage market to decide when to lock. Mortgage market experts continue to predict market volatility and climbing rates, a trend that has recently been reflecte by upward trends in mortgage rates. Be sure to establish your own minimum and maximum limits to lock in on, in order to receive a rate that matches your personal financial goals.

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.