Bank of America is launching a new program to help buyers in predominately Black and Hispanic neighborhoods throughout the U.S. This program is an effort to help close the homeownership race gap while making it attainable amid the rate hikes.
On Good Morning America, Ali Wolf, Zonda’s chief economist said, “The housing market doesn’t do well in a rising interest rate environment and that’s because consumers are relying on mortgages in order to become a homeowner. What we’ve seen since the start of this year is that millions of Americans have now been priced out of homeownership.”
