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Homeowners rush to refinance

Oct 06, 2016
A drop in mortgage rates last week seduced more home owners looking to lower their monthly payments. Refinancings led a seasonally adjusted 2.9 percent gain in mortgage application volume, which also accounts for home purchases, last week, the Mortgage Bankers Association reported Wednesday. Refinance applications increased 5 percent from the previous week, as the 30-year fixed-rate mortgage dropped to 3.62 percent, the lowest average since July.
Meanwhile, applications for home purchases, which are viewed as a leading gauge of future buying activity, dropped just 0.1 percent last week and are down 14 percent from a year ago. The large year-over-year drop is due to mortgage rules that took effect last year, says Michael Fratantoni, MBA's chief economist.
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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.