Streams

Higher Rates Spur Demand for Home Loans

Monday, August 26, 2013

A street of protected tenements with an example of new construction in the background. East Village tenements buildings (Stephen Nessen/WNYC)

Earlier this year, prospective home-buyers had a shock: home mortgage interest rates rose one full percentage point in the space of just a few days. Since then, interest rates have remained higher — around 4.5 percent — and fear that rates will rise again seems to be juicing demand for mortgages.

“A lot of my purchase clients that I had pre-qualified that were casually out there looking to buy something were now feet to the fire, in the mindset I need to buy something now before rates continue to rise,” said Heather Miller, a mortgage loan officer at TD Bank in Brooklyn.

Miller said demand for purchase loans has remained strong throughout the summer, while interest in re-financing is down.

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