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A majority of housing experts also believe first-time homeownership should hit 2019 levels again within four years; however, a substantial number don’t expect it this decade.

More properties on the market are also selling quicker, with almost 60% now receiving accepted offers within two weeks.

Home prices have increased at their fastest rate since the mid-2000s housing boom and driven skyrocketing inflation. Fed Gov. Christopher Waller says lenders are better prepared for a shock than in 2007 but still need to be monitored — especially nonbank lenders.

Federal Reserve Governor Christopher Waller said longer-run structural issues will continue to put upward pressure on home prices and rents even as the central bank begins a campaign to raise borrowing costs.

A fresh wave of volatility threatens the battered U.S. Treasury market — and this time it’s all thanks to the Federal Reserve’s ambitious bid to shrink its $9 trillion balance sheet just as it raises interest rates.

Refinance applications came in 54% lower than a year ago, but average loan sizes accelerated, with the purchase amount setting another record.

Scott Colbert, executive vice president and chief economist at Commerce Trust Co., will discuss the Federal Reserve's monetary policy decision and where they go from here.

Current deputy general counsel Wendell Chambliss steps up to the newly created officer position, with the appointment coming after a similar recent hire by Fannie Mae.

Federal Reserve Chair Jerome Powell said the central bank will take the “necessary steps” to get inflation down even if that means increasing interest rates more rapidly than currently anticipated and eventually to levels that slow the broader economy.

This follows the publication last week of an investigation that found that the bank had in 2020 approved only 47% of applications to refinance mortgages completed by Black homeowners compared with 72% of those from White applicants.