Existing home sales were up nationally in July and Central New Yorkers are likely shopping around because of low interest rates. Mortgage loan originations climbed six percent this year when compared to the first and second quarter of last year. There are many factors driving the market these days according to a Chase Mortgage Executive. Lisa Foradori feels the steady unemployment rates could play a significant role.
“When you contrast refinance to new home buying, as rates continue to uptick, we’re starting to see refinances slow down, but with these rates continuing to be very low, it looks really, really good from a home buying perspective.”
Foradori suggests anyone considering making the leap to consider their monthly budget first and whether they’d still be able to manage everything as a homeowner. She explains that inventories of existing homes are down and that’s also helping sellers to get more value and driving up new home sales.