Mortgage Rates at Lowest Point Since May 2013

 Update Loan Limits Will Not Change for 2015
The Federal Housing Administration (FHA) announced Friday it will leave loan limits 
unchanged for the highest- and lowest-cost housing markets in 2015.For most high-cost housing markets, the maximum allowable amount for an FHA loan will stay at $625,000, a threshold first set at the start of this year.For low-cost metro areas, the limit will remain unchanged at $271,050, the agency announced. FHA recalculates its national loan limit every year, basing its math on a percentage calculation of the national conforming loan limit for mortgages eligible for purchase or guarantee by the GSEs.That limit was also left untouched by the Federal Housing Finance Agency., read more.

70% Unaware of Down-Payment Assistance

Mortgage Rates at 3.89 percent average this week.
Seventy percent of adults in the U.S. say they're unfamiliar with down-payment assistance programs for middle-income home buyers in their community, according to a survey. But plenty of help is available. Organizations provided 6,000 buyers with more than $100 million in down-payment assistance last year. Expects to increase its assistance this year, too. Many local and state organizations offer down-payment assistance as well, and there are specialized programs for military vets through the Veterans Affairs loan program, for first-time buyers through the Federal Housing Administration, and for rural home buyers through the U.S. Department of Agriculture, Learn more about Down payment Assistance..

Apartment Boom May Put Lid on Rising Rents

 Apartment Construction Boom to Impact Rents
Apartment Boom May Put Lid on Rising Rents As builders quickly ramp up building of apartments across the country to meet rising demand, vacancy rates are starting to rise. That could help limit rent increases in 2015, according to economists. Renters Burdened More Than Owners The economists predict rent growth to slow to below 2 percent in 2015 as the multifamily market increases construction. They say apartment vacancy rates will rise in 46 of the country's 54 top metros over the next four quarters "due to the massive wave of current apartment deliveries and new apartment projects starting almost daily." Vacancy rates will likely push higher than 5 percent by the end of 2015.
See Median Price of Existing Homes in the U.S. for October 2014.

Borrowers Looking to Invest

United Wholesale Mortgage Investor Edge Michigan-based, 
announced on Tuesday the rollout of its newest product: Investor Edge, an offering designed specifically for borrowers seeking to purchase or refinance non-owner occupied investment properties. According to a company release, the Investor Edge program provides UWM's broker partners with the opportunity to expand their businesses by catering to the niche segment of borrowers looking for homes to invest in.   "The last few years residential investment purchase property transactions have largely been dominated by all cash investors.,"  Our Investor Edge program helps level the playing field by giving investors alternative options to an all-cash transaction, read more.

Housing Market As A Whole Will Shift In 2015

Economist Predicts - Housing Market As A Whole Will Shift In 2015
While millennials so far have yet to find their place in the housing market, the stage is set for younger Americans to become the driving force in the residential sector in 2015, according to a forecast. "The lack of home-buying activity from millennials thus far is decidedly not because this generation isn't interested in homeownership.  "As renters' costs keep going up, I expect the allure of fixed mortgage payments and a more stable housing market will entice many more otherwise content renters into the housing market, the housing market as a whole will shift more to the advantage of buyers, who have struggled throughout the recovery in what has largely been a seller's market, Learn more.

Refi Rising While Housing Closure to Stability

Refi Volume Rising While Housing Inches Closure to Stability
Following a slower than expected summer, the U.S. housing market made up some ground in September as most major indicators inched closer to stability. Freddie Mac released its latest Multi-Indicator Market Index, revealing a 0.5 percent uptick in September to a reading of 74.4 after months of slight declines. The most recent improvement puts the index a few points short of the lower threshold for a market considered to be in "stable" territory. Mortgage refinance volume increased throughout the third quarter as demand for the government's Home Affordable Refinance Program continued to diminish, read more.

Million-Dollar Homes Are Easier to sell,

High-End Homes Are Getting Easier To Sell,
Million-Dollar Homes Are Easier to sell, with the luxury market posting some of the largest increases in home sales compared to every other price category, according to the National Association of REALTORS®. Sales of homes priced $1 million and above surged 16.2 percent year-over-year in October. On the other hand, overall home sales rose only about 4.7 percent during that time, according to NAR. Also, inventory levels of higher-priced homes dropped by the largest amounts, falling to a 10.6-month supply. Nonetheless, the prospects for townhouse construction over the long run are positive, given large numbers of home buyers looking for medium-density residential neighborhoods, such as urban villages that offer walkable environments and other amenities, read more.