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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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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.