Changing the game: Rising mortgage rates speed up NYC sales

From the July issue: Amid the still-frenzied seller’s market, a curve ball has been thrown into the mix: Mortgage interest rates are again on the rise.

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During the week of June 21, interest on a 30-year fixed-rate mortgage jumped to 4.46 percent, the highest since August 2011, and 15-year fixed-rate mortgages hit 3.55 percent, the highest since November 2011. The sudden changes are infusing the New York market with a sense of urgency, brokers and mortgage professionals said. [more]