Mortgage Rates 6-27-2013

Today's mortgage rates continued to move lower, showing signs of stabilizing after last weeks sudden upward movement. The 30 year Fixed Rate Mortgage best execution rate is now 4.52%, a noticeable downward movement from the next 52-week high achieved recently. Mortgage rates are expected to level off but not return to the record low levels seen during the first quarter of 2013.

The 30 year fixed rate mortgage best execution rate is 4.52%, a shift of 0.05% from yesterday's high. Rates are retreating from the 52-week high of 4.59%.

The 15 year fixed rate mortgage best execution rate is now 3.72%, a reduction of 0.03% from yesterday's peak of 3.75%.

FHA 30 year fixed rate mortgage best execution rates decreased from 4.38% to 4.34% today, shifting downwards from the 52-week high of 4.38%.

Jumbo 30 year fixed rate mortgages are at 4.50%, a decrease of 0.05% after yesterday's 4.55% rate. The 52 week high is 4.62%.

5/1 year Adjustable Rate Mortgage best execution rates are at 3.01%, a downward movement of 0.04% and situating the 5/1 year ARM near the midpoint of the 52-week high and low.

Advice for borrowers: Are you in the market to purchase a home? Be sure to carefully monitor the secondary mortgage markets in order to determine the best time to lock in a rate. While it is unlikely that rates will return to the record lows hit during 2012 and the first quarter of 2013, mortgage rates remain historically low and there are many benefits associated with purachasing or refinancing in the current market. Seek the advice of a mortgage professional and remember to establish your own personal minimum and maximums to ensure that you get the best mortgage for your needs.

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.