Government

“Given the consistency of our survey results, we expect consumers' longstanding and highly favorable attitude toward homeownership as an investment option will continue to persist, even in the face of possible recession,” Fannie Mae authors concluded.

The Senate Banking Committee on Housing, Transportation, and Community Development is set to host a hearing assessing the government’s efforts to improve housing efforts among Native American communities nationwide.

“While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers,” said Freddie Mac Chief Economist Sam Khater.

“Consumers also indicated that they don’t expect these affordability constraints to improve in the near future, with significant majorities thinking that both home prices and mortgage rates will either increase or remain the same over the next year,” said Mark Palim, Fannie Mae’s VP and Deputy Chief Economist.

Along with a lack of inventory in the nation’s housing supply, Freddie Mac reports the 30-year fixed-rate mortgage continues to edge toward the 7% mark, further dampening the spring homebuying season.

A series of actions set forth by the Biden Administration aims to strike out appraisal bias and level the playing field in building generational wealth via homeownership.

A panel of experts will discuss the reach of Section 1071 of the Dodd-Frank Act, a measure that requires financial institutions to collect and report data on small business loans, in the next chapter of the Five Star Institute Webinar Series.

Data culled from the 2020 Census Demographic Profile and Demographic and Housing Characteristics File has found that West Virginia and Maine reported the highest homeownership rates in 2020, while the District of Columbia reported the lowest homeownership rate nationwide.

Freddie Mac reports a week-over-week rise of 18-basis points in mortgage rates, further contributing to a sluggish and slow spring season for the national housing market.

“Though mortgage rates are substantially higher than they have been on average over the past decade, from an historic perspective rates are about average,” Freddie Mac said.