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Borrowers lock in loans as rates surge

Mar 16, 2017
Mortgage interest rates climbed to their highest level since 2014 last week, and customers are rushing to lock in rates before any further increases, according to the Mortgage Bankers Association. The average on a 30-year fixed-rate mortgage rose to 4.46 percent, up from 4.36 percent the week prior.

Total mortgage application volume, including both home purchases and refinancings, increased 3.1 percent last week from the previous week on a seasonally adjusted basis, the MBA says.

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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.