Mortgage Rates 7-9-2013

If you are wondering, will mortgage rates go up tomorrow? the answer is probably not. Today's rates recovered approximately 1/3 of the ground lost last Friday, July 5, when rates moved catastrophically higher in response to a strong Employment Situation Report. The report, a key influencer of Federal policy, indicated that June job creation was more significant than predicted. If you are wondering, will mortgage rates go down tomorrow? the likely answer is that while rates remain low by historic standards and may continue to recover a portion of the losses experienced last week, they are not expected to return to the record lows reached earlier this year.

The 30 year fixed rate mortgage best execution rate is 4.63%, a shift of -0.10% from yesterday's rate of 4.73%. Today's rates retreated from yesterday's 52-week high.

The 15 year fixed rate mortgage best execution rate is at 3.75%, an decrease of 0.08% from yesterday's rate of 3.83% and a downward movement from yesterday's new 52-week high.

The FHA 30 year fixed rate mortgage best execution rate fell from 4.56% to 4.45%.

The Jumbo 30 year fixed rate mortgage best execution rate is at 4.73%, a small shrinkage from yesterday's mark of 4.78%.

The 5/1 year Adjustable Rate Mortgage (ARM) best execution rates followed today's trend, dropping to 3.22%, and retreating from the new 52-week high of 3.22%.

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.