First American Chief Economist Mark Fleming was interviewed yesterday on CNBC regarding the surge in interest rates following the U.S. presidential election and what it means for the housing market in the year ahead.
“I like to say that Trump may have ‘Trumped’ Yellen in this case, because we were all expecting Yellen to pull the rates up in December. That will probably still happen, but this is having a much bigger impact on the housing market than we were expecting.”
Mark was also asked about the impact of technology on real estate and mortgage finance.
“The mortgage industry has worked through so much regulation and compliance, and now is making that pivot to look at how to make a better loan product, particularly because Millennials, who are going to be the predominant source of demand, they’re going to want a better experience.”
