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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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Empire State home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.

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