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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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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.