Chairwoman Yellen notes that mortgage rates have finally begun to fall, dropping .36 percent since last July.
The Federal Reserve remains concerned about the U.S. housing recovery after it slowed last year when mortgage rates spiked. Since then, it hasn’t regained much traction, according to Chairwoman Janet Yellen. The average interest rate on a 30-year fixed rate mortgage rose from 3.35 percent in early May 2013 to 4.51 percent in mid-July 2013. Rates have fallen since then, to an average of 4.15 percent last week.