"Affordability is front and center for Americans across the country who are feeling the strain of rising housing costs. More than a third of American households rent, and their ability to afford a stable home is just as essential to a strong workforce and a thriving economy. A productive housing agenda serves everyone, renters and future and current homeowners alike."
"Mortgage rates fell this week to their lowest level since September 2022, according to HousingWires Mortgage Rates Center. And monthly mortgage payments were down 7.5% year over year in December, according to the Mortgage Bankers Association (MBA). Mortgage refinance applications also surged 132% year over year during the week ending Feb. 13, the MBA reported, a signal that homeowners are locking in lower rates and saving thousands of dollars per year."
"Housing affordability has emerged as one of the few truly bipartisan issues in Washington. Shannon McGahn, chief advocacy officer at the National Association of Realtors, echoed what was expected to be a theme of the speech regarding this consensus on the importance of addressing housing costs across political lines."
Housing affordability has emerged as a critical issue for Americans, with rising costs straining households across the country. More than a third of American households rent, making rental affordability equally important as homeownership expansion for economic strength. Housing affordability is recognized as one of the few bipartisan issues in Washington. Recent economic improvements include mortgage rates falling to their lowest levels since September 2022, monthly mortgage payments declining 7.5% year-over-year in December, and mortgage refinance applications surging 132% year-over-year. Single-family inventory has grown 9% from a year ago, providing buyers with more choices and less competition in many markets.
Read at www.housingwire.com
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