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.

The 15-year FRM this week averaged 6.06 percent with an average 0.5 point, down from last week when it averaged 6.11 percent. A year ago, the 15-year FRM averaged 5.37 percent.

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.40 percent with an average 0.5 point for the week ending September 21, 2006, down from last week when it averaged 6.43 percent. Last year at this time, the 30-year FRM averaged 5.80 percent.

WASHINGTON -  In hot housing markets, banks have offered borrowers a way to take the sting out of big payments in the early years of the loan with innovative mortgage products.

While such mortgages have helped put people into homes, the popularity of such products has sparked "a race to the bottom" of lending standards, said Sen. Wayne Allard, a Republican from Colorado, addressing an open session of the Senate Banking Committee.

District homeowners receive a cut in tax based on a law approved by the D.C. Council last year. The real estate tax rate will fall Oct. 1 to 88 cents, from 92 cents, per $100 assessed value. The decrease is the result of a law that automatically lowers the property tax rate if tax revenue surpasses projections.

But the tax rate reduction also means that the city will not collect more than $17 million that it would have amassed under the old rate.