3 trends in mortgage for the new year: Why now is the time to buy

3 trends in mortgage for the new year: Why now is the time to buy -

As 2015 approaches, it is time to start putting your New Year's resolutions . If you plan to own a home in the near future, 2015 is a good year to make this purchase. Indeed, a number of mortgage trends point to the expected market for a buyer for the owners first and millennials. The system of the Federal Reserve expected to raise mortgage rates next year, so if you are planning to own a home in 2015, be prepared.

mortgage trends for 2015

The days of 0% down payments on houses are more, and maybe for the better given the bubble of 2008 housing and the start of the great Recession. That said, 2015 is a good time to buy a home, especially if you are a buyer for the first time.

1. Millennials represent the largest group of buyers. It may seem surprising that Generation Y will buy the largest share of housing in 2015, but the young group, tech-savvy members are in their early 30s who are beginning to settle down and start families. For those who live in the Midwest and South, housing affordability will be an advantage over coastal homes is and Pacific - but even those living in the most expensive areas should not worry. Here's why:

2. Down payments as low as 3%. Fannie Mae and Freddie Mac are trying to revive the housing market with payments as low as 3% for first-time buyers and anyone who has not owned a principal residence for at least three years. You can take advantage of these historically low rates to March 23. The loans will not be as easy to find as they were at the beginning of the century, but if your credit is at least "good" or better, you have a chance to get a relatively small down payment. However, the bursting housing bubble is still fresh in the minds of many people, so do not expect a low interest rate on a payment of 3% down, particularly for those with less-than credit -ideal.

3. Growth rates Home normalize. Houses were on average 6% growth in value in recent years, but what is expected to halve in 2015. It's not fantastic news for current owners but people looking to buy a house for the first time lucky. Combining that with fewer foreign investors, estimated compete for moderately priced properties help stimulate the housing market in a favorable position for the buyers. While most learners tend to be renters, who is likely to change in the coming years, the careers of Millennials stabilize and begin families.

There have been a few years since the housing market favored buyers, so if you are looking to buy a house soon, now is the time to take advantage of likely future trends of housing in 2015. See our Mortgage resource Centre to estimate the costs of interest and find a lender that is right for you.