Mortgage Rates 6-26-2013

Finally, primary mortgage rates appear to be leveling off. The conventional 30-year fixed best execution rate is now an improved 4.57%. Mortgage rates underwent a rapid increase last week after an announcement by the Federal Reserve. Mortgage professionals are predicting that rates will remain above 4.00% throughout 2013.

Primary Mortgage Markets

30-year fixed-rate mortgage (FRM) interest rates fell 0.02%, averaging 4.57% and retreating slightly from the 52-week high of 4.59%.

The 15-year FRM best execution rate held steady at 3.75%, remaining fixed at the 52-week high.

FHA 30-year fixed mortgage rates rose just 0.01% to 4.38%, achieving a new 52-week high.

Nonconforming conventional loans also showed their elasticity, rising 0.08% to 4.62% and setting a new 52-week high.

Adjustable-rate mortgage (ARM) best execution rates shifted noticeably downward by 0.07% to 4.55%, retreating from the 52-week high of 4.62%.

Advice for borrowers:  Are you in the process of purchasing a home? Start your search for the best mortgage rates by following the secondary mortgage market in order to know when to lock. Mortgage market analysts predict a shifty market and volatile rates, similar to recent market trends. 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.