It should be precise enougth to detect what element is udner the mouse. How is your matrix constructed, is it a projection or orthogonal matrix?
If you initialized a projection matrix then you need to transform the coords of your 2D stuff into orthogonal window coords before you can use them. Then use a rectangle intersection test with your mouse position and camera offset to find objects in the editor.
///
///
/// Determines if this rectangle intersets with rect.
///
public bool IntersectsWith(Rectangle rect) {
return(rect.X < this.X + this.Width) &&
(this.X < (rect.X + rect.Width)) &&
(rect.Y < this.Y + this.Height) &&
(this.Y < rect.Y + rect.Height);
}
(From C# Rectangle.cs)