Mortgage Rates 6-19-2013

Today's mortgage rates continued to slip upwards, approaching the 52-week high reached last week, demonstrating continuing instability. Recent rate trends indicate rates have risen in response to rising consumer confidence and optimistic economic data.

30-year fixed-rate mortgage (FRM) interest rates increased by 0.01%, averaging 4.02% and approaching the 52-week high of 4.08%.

The 15 year FRM rate rose 0.04% to 3.24%, following yesterday's rate trend. This change shifts the 15-year FRM rate nearer to the 52-week high of 3.23%.

FHA 30 year fixed mortgage rates also increased, rising 0.02% to 3.69% and shifting towards the 52-week high of 3.70%.

Nonconforming conventional loans also increased, growing to 4.20% from 4.19% and approaching the 52-week high of 4.30%.

Adjustable-rate mortgage (ARM) Loans increased today by 0.02%. The 5/1 year ARM is at 2.93%, not far above the 52-week low of 2.89%.

Borrowers hoping to obtain a home purchase loan during the summer home buying season should carefully monitor the secondary mortgage market to decide when to lock. Experts forecast that mortgage rates will increase over the second half of 2013, a trend interest rates have recently followed after remaining relatively low for the first quarter of 2013. Taking into consideration recent market volatility, borrowers should set personal minimum and maximum limits to lock in on, in order to obtain 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.