Rising from 3.55% to 3.59% this week, rates on a 30 year fixed rate mortgage rose slightly this week for the second week in a row, accourding to mortgage giant, Freddie Mac. Although the rates are only slightly above historic lows, the cheap mortgage rates have aided in a modes recovery in the housing industry.

Home prices across the country are also rising, jumping 2.5% in June of 2012, according to a report that was issued this week by CoreLogic. However,even with the low home prices and low mortgage rates, potential home owners are still finding difficulties in qualifying for home loans or locating the funds needed for the large downpayments that are required by the banks. These factors are keeping the home sales quotas well below the levels needed to boost the real estate market.