Mortgage rates rose this week in Atlanta. Meanwhile, the Atlanta Business Chronicle reported East Atlanta was named the third hottest neighborhood in the country.
Seattle-based real estate firm Redfin released its Hottest Neighborhoods of 2015 report and East Atlanta landed in the third spot overall, beating neighborhoods in Seattle, Chicago and San Francisco. Redfin analyzed hundreds of millions of pages that its website users visited, homes selected as "Favorites" and its "Hot Homes Algorithm" to select 135 neighborhoods in 27 cities.
East Atlanta is bustling with trendy restaurants, bars and boutiques, drawing millennials and empty nesters to the area, Redfin noted. A home in East Atlanta will cost around $211,000 and last 35 days on the market before being sold.
The top neighborhood in the nation is El Cerrito in San Diego, and No. 2 is Dickinson Narrows in Philadelphia.
The benchmark 30-year fixed-rate mortgage in Atlanta grew to 3.87 percent from 3.83 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.16 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, increased to 4.06 percent from 4 percent. The benchmark 15-year fixed-rate mortgage grew to 3.23 percent from 3.17 percent. The benchmark 5/1 adjustable-rate mortgage climbed to 3.33 percent from 3.29 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 28 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Atlanta.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.87%||3.23%||3.33%||4.06%|
|Change from last week:||+0.04||+0.06||+0.04||+0.06|
|Change from last week:||+$3.78||+$4.81||+$3.65||+$14.51|