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Low mortgage rates could be a boon for millennial homebuyers

Oct 11, 2016
Low mortgage rates could particularly expand the buying power for millennial, first-time purchasers, according to Ellie Mae’s monthly Millennial Tracker. Interest rates decreased to 3.763 percent in August, according to Ellie Mae. The average loan amount to millennial borrowers rose to $181,326 from July’s average of $180,413.
Lower rates can be a boon for many consumers – such as home owners looking to refinance – but the low rates may help get first-time home buyers on the move, according to Ellie Mae’s report.
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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.