As consumers purchase more homes, remain current on mortgage payments thanks to low rates, and employment continues to grow, the housing market continues to show improvement.

Millennials often face many obstacles when trying to purchase a home such as financial hardships and the inability to afford the down payment, a task that is much more difficult for them compared to their predecessors.

Although HUD's has been instrumental in fighting housing discrimination and poverty, it has failed to meet its original goal to “not only to relieve the symptom of poverty but to cure it and, above all, to prevent it," President Lyndon Johnson said.

Wells Fargo recently announced that the company has cut nearly 500 mortgage employees for housing market-related changes.

Home prices appear to be losing some of their spark, slowing down to a marginal increase of 0.3 percent on a seasonally adjusted basis in August compared to last month.

Existing-home sales have reversed the downward trend in recorded in August due to stock market declines, rising 4.7 percent to a seasonally adjusted annual rates of 5.55 million in September, the highest pace since February 2007. The National Association of Realtors reported Thursday that September's rebound in existing–home sales marks a year–over–year increase for 12 consecutive months and all four major regions experienced gains.

Freddie Mac and Quicken Loans recently announced that they have joined forces to pilot several new initiatives aimed at helping provide more Americans the opportunity to achieve homeownership, while also building a smarter American mortgage finance system.

Consumers are applying for mortgage loans using more government applications compared to last week, and while the industry adjusts to the TILA-RESPA Integrated Disclosure rule, applications are expected to become more volatile.

Clear signs of recovery have been recorded in the housing market, but minority borrowers do not seem to be linked to this recovery.

Although millennials are less likely than baby boomers to identify milestone life events that could affect their credit, over half them are checking their credit when taking out a mortgage loan.