Mortgage rates hold steady this past week according to Freddie Mac. 30-year, fixed-rate mortgages averaged 3.66% for the week ending June 27th, matching the previous week’s record low. Last year at this time,the rate averaged 4.51%. Freddie Mac Chief Economist Frank Nothaft said the virtually unchanged rates should help to support a recovering housing market.
The Federal Housing Finance Agency’s house price indexes showed more than a 0.5% monthly increase in April. Pending existing home sales rebounded in May by 5.9% to match a two-year high and new home sales jumped 7.6% to its fastest pace since April 2010.