Mortgage Rates 7-1-2013

Today's mortgage rates held their ground, remaining mostly stable after regaining some of the territory lost during last week's surge in rates. The 30 year Fixed Rate Mortgage best execution rate is now 4.41%, a slight decrease away from the 52-week high achieved recently. In the future, mortgage rates are expected to remain level but are not expected to return to the record low levels seen during the first quarter of 2013.

The 30 year fixed rate mortgage best execution rate is 4.41%, a shift of 0.02% from yesterday's rate of 4.39%. Rates are below the recent 52-week high of 4.59%.

The 15 year fixed rate mortgage best execution rate is at 3.63%, a gain of 0.01% from yesterday's rate of 3.62%.

FHA 30 year fixed rate mortgage best execution rates remained at 4.42, below the 52-week high of 4.38%.

Jumbo 30 year fixed rate mortgages are at 4.42%, showing no change from yesterday. The 52 week high is 4.62%.

5/1 year Adjustable Rate Mortgage best execution rates sank to 3.01%, situating the 5/1 year ARM nearer to the 52-week low of 2.89%.

Advice for borrowers: If you are looking to purchase a home, carefully monitor the secondary mortgage markets in order to establish 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 low by historic standards. 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.