The week of June 12 opened up with a stronger climb into higher territory for mortgage rate averages. With best execution rates being offered on loans now well between 4.08 percent and 4.1 percent, borrowers are likely to be offered loans near 4.125 percent for a 30-year fixed home loan. Lenders are seeing quite a bit of fluctuation between each other, causing the range of actual loans offered to be quite spread out versus a tight clump. The reasons for the variation is attributed to a drop in the number of new mortgages and refinancing applications actually coming in, the Federal Reserve’s opinion that it will still stay in the game of economic easing for now, and stable environments in mortgage-backed securities.

Fortunately, market watchers don’t need to worry much about federal budget delays and international politics interceding into rate movement for a change. Unlike the early months of the year, the national news has been fairly quiet. Granted, there have been a number of scandals for the Washington D.C. set recently, but these don’t have bearing on the mortgage rate environment. In fact, the big news of the latest jobs report showing 175,000 new jobs created was taken well by the market, triggering a buying spree on investments versus a retraction.

As a result, many are expecting rates to continue moving upward, with a few bumps, rising closer and closer to 4.5 percent by mid-summer. Many lenders are advising borrowers to lock versus waiting longer, especially as the summer is a prime demand season with the good weather bringing out home buyers.

In terms of specific figures, the 30-year fixed mortgage average is now 4.125 percent with a potential to move to 4.3 percent. The 15-year counterpart is also well above the 3 percent mark now at 3.2 percent. The FHA/Veteran’s Administration loan average finally gave up its grip at the 3.25 percent level and now sits firmly at 3.75 percent. And the 5-year adjustable rate mortgage is still ranges from 2.6 percent to 3.25.