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Mortgage rates likely to rise further into spring
New York mortgage rates currently range around 8 percent with ceilings in some states limiting increases. Economists expect a 0.25 to 0.5 percentage point rise over the next six months driven by inflation and demand for housing. 1977 resale and price data suggest strong activity, while average home prices climb from 48 609 to 55 900 for new homes and 40 800 to 49 400 for existing homes.
MENTIONED IN THIS ARTICLE
New York
Saul B. Klaman
National Association of Mutual Savings Banks
U.S
Federal Housing Administration
Veterans Administration
Federal Home Loan Bank Board
Savings and Loan Associations