Fixed Mortgage Rates Still Holding Steady & Low

Mortgage rates held steady once again, sitting at record lows. The 30-year fixed is at 3.66%), with the 15-year at 2.94% (both matching record lows previously set). These rates are helping keep home affordability in reach for many homebuyers or for those wanting to refinance.   Experts don’t expect rates to go up anytime soon, largely due to the European debt crisis and the overall state of the global economy. “Mortgage rates were virtually unchanged this week, hovering at or near record lows, and should further help to support a recovering housing market,” said Frank Nothaft, VP and chief economist for Freddie Mac. “Both the S&P/Case Shiller 20-city composite and the Federal Housing Finance Agency’s house price indexes showed over a 0.5 percent monthly increase in April. Meanwhile, pending existing home sales rebounded in May by 5.9 percent to match a two-year high, and new home sales jumped 7.6 percent to its fastest pace since April 2010.”   Click here to read the full article.
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