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Loan demand stalls as buyers, owners pause

Oct 05, 2017
Mortgage applications to purchase a home and for refinancing barely budged last week, according to the Mortgage Bankers Association. Economists are blaming the stall in loan demand on rising interest rates and rising home prices. 

Total mortgage applications for refinances and home purchases decreased 0.4 percent last week compared to the previous week on a seasonally adjusted basis. Volume is now 24 percent lower than a year ago. Interest rates are also significantly higher than a year ago too. 

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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.