Menu

NYSAR News

Latest News

Homeowners rush to refinance

Oct 06, 2016
A drop in mortgage rates last week seduced more home owners looking to lower their monthly payments. Refinancings led a seasonally adjusted 2.9 percent gain in mortgage application volume, which also accounts for home purchases, last week, the Mortgage Bankers Association reported Wednesday. Refinance applications increased 5 percent from the previous week, as the 30-year fixed-rate mortgage dropped to 3.62 percent, the lowest average since July.
 
Meanwhile, applications for home purchases, which are viewed as a leading gauge of future buying activity, dropped just 0.1 percent last week and are down 14 percent from a year ago. The large year-over-year drop is due to mortgage rules that took effect last year, says Michael Fratantoni, MBA's chief economist.
 
Click here to learn more.
Featured Content

NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.

NYSAR News