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Mortgage rates move higher this week

Oct 14, 2016
Borrowing costs are rising. The 30-year fixed-rate mortgage increased to a 3.47-percent average this week. Despite the uptick, rates still remain near historical lows. 
 
"This week, the 10-year Treasury yield continued its climb as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases," says Sean Becketti, Freddie Mac's chief economist. "The 30-year fixed-rate mortgage moved up 5 basis points to 3.47 percent in this week's survey, the first increase in one month. Even though we've seen economic activity pick up, consumer price inflation and implied inflation expectations remain below the Federal Reserve's 2 percent target."
 
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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.

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