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NEW YORK CITY-Mortgage rates for homeowners are on the rise due to tax cuts implemented in Washington. Overall loan applications decreased 2.3% when compared to that of last week while refinance applications and purchase applications declined 0.7% and 5% respectively, according to the Mortgage Bankers Association.

The main reason for the rise in mortgage rates is due to the sale of various government bonds such as the 10-year Treasury bonds by investors, which have led to interest rates to increase. For the full story, go to Boston Globe.


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