Credit standards may begin loosening
Lending standards will loosen but will do so at a "glacial pace," Yun says.
"Those people who are getting approved (for) mortgages, their credit scores have been exceptionally high, but now (they) may begin to slide down," he says.
Richardson agrees; she doesn't expect credit standards to significantly loosen until 2016.
"Even (for) FHA loans, if you have something lower than a 680 credit score, you still don't see a lot of mortgages being originated to the lower end of the credit spectrum."
Mortgage credit availability has increased, meaning that lending standards have somewhat loosened for most of 2015, according to the Mortgage Bankers Association's Mortgage Credit Availability Index.