Cavan Images | Cavan | Getty ImagesPresident Joe Biden has floated plans to address the country's affordable housing issues, including new tax breaks for first-time homebuyers and "starter home" sellers.
"If inflation keeps coming down, mortgage rates will come down as well.
Interest rates still near 'multidecade highs'With soaring home prices and mortgage interest rates, 2023 was the least affordable year for homebuyers in more than a decade, according to a report from Redfin.
"We're close to multidecade highs for mortgage rates," said Keith Gumbinger, vice president of mortgage website HSH.
watch nowThere's a 'housing supply crisis'Of course, higher mortgage interest rates are only one piece of the country's affordable housing puzzle.
Persons:
Joe Biden, Biden, I'm, Keith Gumbinger, it's, Janneke Ratcliffe
Organizations:
Getty, White, Chamber, U.S, Capitol, Washington , D.C, homebuyers, Housing Finance, Center, Urban Institute, Urban
Locations:
Cavan, seller's, Washington ,, Redfin