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Chief Economist

The Hottest Neighborhoods of 2017

Source: Redfin

High-growth job centers are driving the hottest neighborhoods for 2017, but not in the way you’d expect. The top three hottest neighborhoods all sit close to San Francisco and Seattle. But while home prices continue to rise in the centers of these booming tech cities, homebuyers are increasingly focusing their searches in neighboring communities.

While many of 2017’s hottest neighborhoods come with longer commutes, Redfin agents say they offer homebuyers the best balance of everything: quick access to public transit, trendy shopping and dining options, plus larger move-in ready homes with charm and price tags that are a little easier to bear.

“Our data on homebuyer activity shows that this year people are bypassing the most expensive areas in the center city in search for high-end amenities and renovated homes a few train or bus stops outside the city limits,” said Redfin Chief Economist Nela Richardson. “The hottest neighborhoods of 2017 will be those edge communities that deliver urban convenience at prices that are closer to earth.”

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Freddie Mac: Mortgage Rates Hit Third Straight Week of Declines

Source: HousingWire

Mortgage rates dropped for the third week in a row after rising significantly after President-elect Donald Trump won the election, however, the 10-year Treasury did see an increase.

“After trending down for most of the week, the 10-year Treasury yield rose following the release of the CPI report,” Freddie Mac Chief Economist Sean Becketti said.

The 30-year fixed-rate mortgage decreased yet again to 4.09 percent for the week ending Jan. 19, 2017. This is down from last week’s 4.12 percent but still up from last year’s 3.81 percent.

The 15-year FRM decreased from last week’s 3.37 percent to 3.34 percent this week. This is still up from last year’s 3.1 percent.

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