At the beginning of 2014, the federal government imposed stringent new rules that increased the ratio of income to debt that borrowers needed to qualify for a mortgage. But by year’s end, the government was allowing down payments as low as 3 percent and loosening other restrictions.
The rate for a 30-year mortgage rate hovered above 4.5 percent at the start of 2014. But by the end of the year, it had dropped below 4 percent.
So what can borrowers expect from the housing market in 2015? Will it be harder or easier for home buyers — particularly first-timers — to obtain a mortgage this year?