Mortgage rates were little changed, keeping borrowing costs close to the lowest this year as housing rebounds after a slow start to 2014.
The average rate for a 30-year fixed mortgage held at 4.13%, Freddie Mac said in a statement today. The average 15-year rate rose to 3.26% from 3.23%, according to the McLean, Va.-based mortgage-finance company.
The decline in 30-year loan costs from a high of 4.56% last August is helping to revive demand for homes. Purchases of previously owned houses rose to an eight-month high in June, the National Association of Realtors said this week.
"Lower rates will provide an enticement for potential homebuyers who are sitting on the sidelines to move into the market," Millan Mulraine, deputy head of U.S. research and strategy at TD Securities USA LLC, said yesterday in a telephone interview.