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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 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.