Mortgage Rates Hold Steady

WASHINGTON (February 14, 2013)--The average rate on the 30-year fixed mortgage was unchanged for a second week, remaining near historic lows, Mortgage buyer Freddie Mac said Thursday.

The average rate on the 15-year mortgage also stayed the same.

Low mortgage rates are helping to strengthen the housing recovery.

Freddie Mac said that the rate on the 30-year low stayed at 3.53 percent, near the 3.31 percent reached in November, which was the lowest on record going back to 1971.

The rate on the 15-year fixed mortgage stayed at 2.77 percent for a second week.

The record low is 2.63 percent.

The one-year adjustable mortgage was the only rate to change this week.

It averaged 2.61 percent, up from 2.53 percent last week.

Cheap mortgages are giving a boost to the slowly improving housing market.

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