“Fewer low-income Americans took out mortgages in 2023, study says”
May 6, 2024
“Fewer low-income Americans took out mortgage loans last year than 2020, real estate broker Redfin said in a report on Monday, as steep interest rates make homebuying less affordable.
As aggressive rate hikes by the U.S. Federal Reserve have pushed up the cost of standard 30-year mortgages to more than 7%, existing homeowners have held on to rock-bottom rates from the pandemic. That has limited the supply of homes for sale and resulted in higher prices…”
https://finance.yahoo.com/news/fewer-low-income-americans-took-141916138.html