Mortgage Rates 7-2-2013

Today's mortgage rates recovered a portion of the territory lost during last week's surge, indicating that perhaps mortgage rates are still not down leveling off. The 30 year Fixed Rate Mortgage best execution rate is now 4.35%, pushing the 30 year FRM rate further from the 52-week high achieved recently. Lookign ahead, mortgage rates are not expected to return to the record lows achieved during the first quarter of 2013.

The 30 year fixed rate mortgage best execution rate is 4.35%, a shift of 0.06% from yesterday's rate of 4.41%. Rates are below the recent 52-week high of 4.59%.

The 15 year fixed rate mortgage best execution rate is at 3.57%, a decrease of 0.06% from yesterday's rate of 3.63%.

The FHA 30 year fixed rate mortgage best execution rates fell to 4.20, below the 52-week high of 4.38%.

The Jumbo 30 year fixed rate mortgage best execution rate is at 4.37%, below yesterday's mark of 4.42%. The 52 week high is 4.62%.

The 5/1 year Adjustable Rate Mortgage best execution rates rose to 3.02%, situating the 5/1 year ARM nearer to the 52-week high of 3.10%.

Advice for borrowers: Are you planning to purchase a home? Start by carefully monitoring 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.