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WASHINGTON, D.C. (Associated Press buy pills ) ai??i?? The average 30-year U.S. mortgage rate remained at a 52-week low for the third straight week.
The 4.1 percent rate is down from 4.53 percent at the start of the year. 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 completely in October.
Freddie Mac also said that the average rate for a 15-year mortgage slipped to 3.24 percent from 3.25 percent.
The low rates, combined with a slowdown in home price increases, should help increase sales by making homes more affordable.
CoreLogic reported that home prices rose in July but at a slower rate than last year.
Greater affordability has helped the housing market recover over the spring and summer after sales and construction fell earlier this year. Sales of existing homes are at their strongest pace in nine months after rising for a fourth straight month in July.
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