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However, at its Sept. 18 meeting, the central bank decided to keep its pace of bond purchases unchanged after lowering its outlook for economic growth. Mortgage rates have retreated a bit since that announcement. Economists are hoping that the housing recovery will keep moving forward given that even with the summer increase in rates, mortgages still remain near historic lows. Sales of new homes rose in August by 7.9 percent, rebounding after a 14.1 percent drop in July. August also marked the best month for sales of previously occupied homes in more than six years, an annual level of 5.5 million homes. And homebuilders remain more confident in the market than they have been in eight years. The housing market has been one of the strongest performers this year in an otherwise sluggish economy.
[Associated
Press;
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