Residential home loan costs are comprised of a few key determinants: the amount, the loan period and the interest rate.
Low inventory levels have created a seller’s market, pushing home prices higher, and giving some prospective home buyers difficulty finding an affordable home or a residential home loan.
Last year saw big improvements in the housing market. According to a report from RealtyTrac, the number of underwater mortgages continued to decrease, giving many Americans reason to celebrate.
On December 16, 2008, the U.S. Federal Reserve announced that interest rates would be kept below one-quarter percent until further notice.
Millennials had the housing market uncertain for a while, as they weren’t as quick to purchase homes and start families as fast as their parents’ generation.