Long Island NY Mortgage Rates Spike

Long Island NY mortgage rates have topped 4 percent for the first time in over a year, while at the same time, mortgage applications fell more than 11 percent. Diana Olick reports on how rising Long Island NY mortgage rates may impact the housing recovery.

Economists are still cautiously bullish on real estate for two main reasons. First is the fact that near-record low Long Island NY mortgage rates have made home buying more affordable, even with the recent run-up in rates. The second is all the pent-up demand in the housing market after years of sluggish sales.

As was noted in the interview, even rates at 4 percent or so are still near historic lows, and seeing rates go up may be a temporary thing.

3 Percent Long Island NY Mortgage Rates Gone Forever?

We will ever see 3 percent mortgage rates again? It’s anyone’s guess, but most experts think not. So now may be the cheapest time to think about getting a Long Island NY mortgage as opposed to sitting on the fence and waiting for rates to go back down, which they may or may not ever do.

For more on Long Island NY mortgage information, check out the other articles we have under “Long Island NY Mortgage Info” under Long Island Real Estate Categories in the column to your right, and stay tuned to this website as we constantly keep you up to date on Long Island NY mortgage news and real estate information.

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