When the Federal Open Market Committee decided this week not to raise the federal funds rate it was, in part, a reaction to conditions chipping away at the very foundation of the economy. The moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market.

The message for consumers is clear. It is a good time to consider professional advice about buying, holding or banking on what's likely your greatest financial asset.

For years, the housing market was a bastion of double-digit inflation fueling a soft but humming economy with real estate cash from home buys, home improvements, equity tapping and growth in the number of home owners. Unfortunately, record levels of housing demand and spending boosted home prices beyond the affordability of more and more consumers. Consumers balked and sales this year have been falling like a rock.

At the current pace of change, what's now single-digit price appreciation will become price depreciation in many markets before the end of the year, according to forecasts.

Existing home owners, especially newer home owners with adjustable rate mortgages (ARMs) and or home equity loans (which typically are even more adjustable) are now watching their home equity languish and wilt as their ARMs and other high-leverage loans tick like time bombs.

If monetary policy doesn't give home buyers a chance to take advantage of lower home prices and pulls the rug out from under home owners who'd like to tap their equity, consumers could leave the economy to the energy, manufacturing and service industries and take their trillions with them.

The average interest rate on a fixed rate mortgages (FRM) for a conforming 30-year loan peaked this year at 6.8 percent on July 20. The average rate has fallen to 6.40 percent for the week ending September 21.

Mortgage lenders have already adjusted staffs to serve a shrinking demand and they are feeling the pressure to keep mortgage interest rates affordable.

A slowing housing market and signs that inflation is leveling off have helped to lower mortgage rates lately and keep them more affordable.

A personal financial advisor, counselor, guide or other professional trained in financial planning that includes home ownership is perhaps the best investment you can make right now if you are considering a home purchase or tapping equity.

An investment in a home is rarely a sole financial consideration but part of a more holistic approach to your personal financial planning and goals.

Edwina Baniqued