Mortgage Rates 6-28-2013

Today's mortgage rates continued to improve, reversing the sudden jump in rates that took place during last week. The 30 year Fixed Rate Mortgage best execution rate is now 4.39%, a shift away from the 52-week high achieved recently. Looking ahead, it is anticipated that mortgage rates will 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 4.39%, a shift of -0.13% from yesterday's rate of 4.52%. Rates are descending from the recent 52-week high of 4.59%.

The 15 year fixed rate mortgage best execution rate is at 3.62%, a reduction of -0.10% from yesterday's rate of 3.72%.

FHA 30 year fixed rate mortgage best execution rates decreased from 4.34% to 4.25% today, shifting away from the 52-week high of 4.38%.

Jumbo 30 year fixed rate mortgages are at 4.42%, a decrease of -0.08% after yesterday's 4.50% rate. The 52 week high is 4.62%.

5/1 year Adjustable Rate Mortgage best execution rates bucked the trend, rising to 3.03%, and situating the 5/1 year ARM nearer to the 52-week high of 3.10%.

Advice for borrowers: If you are in the market ot purchase a home, be sure to carefully follow the secondary mortgage markets in order to establish the best time to lock in a rate. While it appears unlikely that rates will return to the record lows hit during 2012 and the first quarter of 2013, mortgage rates remain historically low. Tere 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.