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NPR: Mortgage rates just hit 5%. Here’s how much more expensive that makes home ownership

NPR, April 8, 2022, Mortgage rates just hit 5%. Here’s how much more expensive that makes home ownership

“It’s pretty insane,” says Nick Cacciatore, who’s looking to buy a house in Tampa, Fla. “It’s very demoralizing.”

Back when Cacciatore was looking last summer, mortgage rates were under 3%. This week they’ve risen to over 5%. While that may not sound like much, it makes a huge difference when you’re buying something as costly as a house. And Cacciatore was looking for homes in the price range of $600,000.

“It added like $700 a month in monthly payments,” he says. “I mean, a ridiculous amount just from the interest rates.” And that doesn’t even factor in the big gain in prices over the past year as he’s been trying to buy a home.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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