An evaluation of the absolute frequency and tunability of collimated blue light (CBL) generated in warm Rb vapour excited by low-power cw laser radiation at 780 nm and 776 nm, has been performed using a Fabry-Perot interferometer and a blue diode laser. For the conditions of our experiments the CBL tuning range is more than 100 MHz around the resonant frequency of the 85Rb 5S1/2 (F=3) to 6P3/2 (F=4) transition. A simple technique for stabilizing the power and frequency of the CBL to within a few percent and 10 MHz, respectively, is suggested and demonstrated.