Climbing mortgage rates widen NYC’s buyer divide

A 7 percent mortgage rate would normally be enough to throw cold water on a housing market. In New York City, it’s widening the gap between buyers who can shrug off higher borrowing costs and those who can’t. The average rate on a 30-year fixed mortgage climbed above 7 percent for the first time in more than two years, putting a damper on what New York City brokers had hoped would be a strong fall selling season. But with inventory scarce and roughly half of Manhattan deals closing all-cash, higher rates haven’t totally killed demand. Instead, agents say they’re putting […]

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