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		Roy Sperr Jason Walters and Shawn Hunter NMLS: 202418/295556/348864 Equity Source Mortgage, Inc. Phone: Roy (763) 657-2012 Phone: Shawn (763) 657-2017 Emails: roy@equitysourcemortgage.net roy@equitysourcemortgage.net www.equitysourcemortgage.com

November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014		Stock Selloff Offers Rate Relief In early October, investors sold shares in the Stock market and re-allocated money to other investment engines. The upside to this Stock selloff? Lower interest rates for the housing market—in fact, rates reached their lowest levels in over 17 months in October. Initial estimates by the Mortgage Bankers Association showed week-over-week single percentage gains in home loan applications for both refinances and home purchases. Lower rates seem to be the only bright side to the housing market recently, which is experiencing a drop in demand due to higher home prices, higher mortgage insurance costs, and fewer fall listings. These factors offset the benefits from lower interest rates, and are dissuading first-time homebuyers, based on a September report from Credit Suisse. The Homebuying Landscape Evolves According to a report by Freddie Mac, housing demand in the coming years will be driven by the Hispanic population. This group grew by 59 percent between 2000 and 2013, and is expected to double to almost 128 million in the U.S. by the year 2060! Investment is also coming from overseas, with foreign interest in the U.S. housing market up 35 percent from April 2013 to March 2014, and still growing. According to an October survey from the National Association of REALTORS®, 7 percent of total existing home sales are made up of foreigners, and of those sales, Asian Indian homebuyers account for the greatest demographic at 6 percent or $5.8 billion, up from $1.9 billion only one year ago. Altogether, forecasts for housing remain mixed for 2015. While banking analysts lower expectations for home values and home construction, others see this as good news for home prices. The Bottom Line Rates remain at some of their lowest levels in over a year, and are highly attractive for a home purchase or home loan refinance. If you would like to inquire about housing and home loan eligibility, please get in touch! I hope you enjoy this month's issue of YOU Magazine.

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Equity Source Mortgage, Inc. 19230 Evans St NW, Suite 100 Elk River, MN 55330

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