PostsDespite a steadily growing economy, mortgage qualifications aren’t expected to relax in the upcoming year. While interest rates hovered around 4% in 2014, chief economists at Freddie Mac anticipate rates to surpass 5% by the end of 2015 due to the rebounding economy. Millennials, aged 18 to 24, may struggle to qualify for traditional financing due to lack of established credit and down payment resources.
Bennie Waller, professor of finance and real estate at Longwood University, adds, “Compounding the difficulties for buyers is the rapidly increasing student loan and credit debt debacle that looms over the economy. This will severely limit the purchasing ability for first-time homebuyers and low to mid-income homebuyers.”
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