February 8, 2023

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How to Make Housing Less Affordable

1 min read

Rising mortgage rates on top of sky-high prices are making it harder for Americans to afford a new home. Now the Biden Administration may make matters worse by cutting government mortgage insurance premiums.

Housing prices have surged nearly 40% nationwide since January 2020 and are up 16% in a year. The Federal Reserve is mainly responsible since it kept interest rates near-zero for too long while amassing an enormous portfolio of mortgage-backed securities. This pushed the average 30-year fixed mortgage rates below 3%.

2022-06-02 18:41:00

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