Government

An upcoming Senate Banking Committee Hearing will examine actions the federal government has taken to combat the nation’s homelessness issue.

Continued economic growth and a rise in inflation have helped push mortgage rates up for the fourth consecutive week, making it difficult for potential buyers to jump into the purchase market.

According to recent data, the U.S. is short approximately four million housing units, a gap which is only growing, as well as the number of over-burdened renters and owners.

“That said, it’s important to note that while these examples can shed some light on why homeownership rates are relatively low for Black people, they’re not all the reasons why a person who identifies as Black may struggle to become a homeowner,” said Jacob Channel, LendingTree’s Senior Economist.

“Our analysis of credit reports provides yet another indicator that, due to a strong labor market and emergency programs during the pandemic, household financial distress reduced over the last two years,” said CFPB Director Rohit Chopra.

Surveyed consumers' top areas of concern remain the ability to save money and afford housing payments, with many consumers citing problems affording household necessities, according to a new report from Fannie Mae.

An upcoming Senate Banking Committee hearing will examine the nation’s housing space, as rates continue to drop and buyers are re-entering the fray.

“Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over 7%,” said Sam Khater, Freddie Mac’s Chief Economist.

U.S. Department of Housing and Urban Development has announced nearly $315 million in grants to 46 communities across the nation to address unsheltered and rural homelessness.

The Federal Open Market Committee moved to raise the nominal interest rate by 25 points to a range of 4.50-4.75% at the end of its February meeting.