MORTGAGE RATES: STEADY AS SHE GOES

The average 30 year U. S. Mortgage rate remained at a 52 week low the 3rd straight week.  The 4.1% rate is down from 4.53% at the start of 2014.  Rates have fallen even though the Federal Reserve has been trimming its monthly bond purchases intended to  keep long-term borrowing rates low.  The purchases are set to end in October.  Homes should be more affordable as a slowdown in home price increases + the low rates.  Greater affordability has spurred some recovery from slow spring & summer sales & construction fell earlier this year.  CoreLogic reported that home prices rose in July, but at a slower rate than last year.