Average mortgage rates essentially held steady this week as they remain near their 60-year lows.

The 30-year fixed mortgage rate averaged 4.11 percent, down from last week from 4.12 percent, according to Freddie Mac's weekly mortgage rate survey. Two weeks ago, the rate dropped to 3.94 percent, the first time the rate dropped below 4 percent.

The 15-year fixed mortgage rate averaged 3.38 percent, up from 3.37 percent last week.

In order to calculate average rates, Freddie Mac surveys lenders Monday through Wednesday each week.

With rates near their 60-year lows, people are refinancing their mortgage.  However, with many people trapped in consumer debt and underwater mortgages, not everyone can qualify for the new rates.

Homeowners may wait to refinance to see if rates drop, but a homeowner must pay closing costs to refinance, which typically costs 0.8 percent of the original loan.

Furthermore, although prospective first-time buyers may want to take advantage of the low rates, financial institutions are generally demanding higher credit scores for giving out loans and often request 20 percent down on a mortgage.  

Write to Samuel Weigley at s.weigley@ibtimes.com.