Yellen: Not time to raise rates yet
While some economic indicators such as recent falling unemployment rates signal market improvement, Fed chief Janet Yellen maintains that it's not enough to start raising interest rates.
Despite forecasts of a resurgent housing market in 2014, the reality is that sharply rising home prices, high debt and stagnant wages have prevented a full-blown housing recovery. By late June, the Mortgage Brokers Association flipped its predictions of a housing boom on its head and now instead forecasts a decline by the end of the year. A sluggish housing market reveals there are still chinks in the U.S. economic armor.
As has been previously mentioned on this blog, a big chunk of typical first-time homebuyers are missing: 20- and 30-somethings. With student loan debt at all-time highs and a shortage of well-paying jobs, millennials today are putting off buying homes - either out of desire or necessity. Due to this combination of factors, first-time homebuyers remain well below historic "average" levels, market analysts say.
However, if you are looking to buy your first home or just a new home, don't give up! There are many mortgage programs that can help you finance your home, and remember that at Vertex, we can utilize a lender-paid credit to cover all, or nearly all, of your closing costs. This is a feature that sets Vertex apart from other mortgage brokers. Please contact one of our licensed Loan Officers to get more information on what kind of new home you can afford.
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