Mortgage Rates 7-8-2013

If you are wondering, will mortgage rates go up tomorrow? the answer is most likely yes. On Friday, July 5, rates shot catastrophically higher following a strong Employment Situation Report, indicating that June job creation was more significant that was expected. Federal policy typically reflects this data. Rates may stabilize early this week, or continue to creep higher before leveling off. If you are wondering, will mortgage rates go down tomorrow? the likely answer is that while rates remain low by historic standards, they are not expected to return to the record lows reached earlier this year.

The 30 year fixed rate mortgage best execution rate is 4.73%, a shift of 0.30% from yesterday's rate of 4.43%. Rates reached a new 52-week high today.

The 15 year fixed rate mortgage best execution rate is at 3.83%, an increase of 0.21% from yesterday's rate of 3.62% and a new 52-week high.

The FHA 30 year fixed rate mortgage best execution rate rose from 4.25% to 4.56%, also achieving a new 52-week high.

The Jumbo 30 year fixed rate mortgage best execution rate is at 4.78%, elevated high above yesterday's mark of 4.41%. This marks a new 52 week high.

The 5/1 year Adjustable Rate Mortgage (ARM) best execution rates followed suite, rising to 3.25%, pushing the  5/1 year ARM to a new 52-week high.

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.