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30-YEAR MORTGAGE RATE REMAINS STEADY

The Associated Press reports that the average 30-year U.S. mortgage rate this week remained at a 52-week low of 4.10 percent for the third straight week. The average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.24 percent from 3.25 percent.

This is certainly good news on the economic front, where some analysts suggest that the static low rates have increased home sales across the country. The AP article stated that real-estate data provider CoreLogic reported Tuesday that home prices rose in July but at a slower rate compared with earlier this year. Also, moderating increases in home prices such as occurred in July should help support sales by making homes more affordable.

The low interest rates also helped general construction (home renovations, new building, and other upgrades) increase in productivity. At its 52-week low of 4.10 percent, the rate on a 30-year mortgage is down from 4.53 percent at the start of the year.

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