As we kick off the New Year, affordability remains one of the biggest challenges facing the mortgage industry and the broader housing market. It continues to shape conversations among lenders, policymakers, and consumers alike.

Affordability is not a rate problem

Ask most people what’s wrong with housing affordability, and the answer comes quickly: rates are too high. It’s an easy diagnosis, clean and intuitive, and it fits neatly into headlines and political talking points. But it’s also incomplete, and increasingly, misleading.

To understand why, it helps to start with something personal. The first home I bought was in 1989. It cost $259,000. details ⇒

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