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Yahoo Finance: Fed’s Rate Hikes Hurt Lower-Income Homebuyers The Most, Study Finds

Yahoo Finance, March 27, 2023, Fed’s Rate Hikes Hurt Lower-Income Homebuyers The Most, Study Finds

“A volatile interest rate of over 7% is totally making it dismal for folks in terms of home buying,” Ibijoke Akinbowale, community impact director at National Community Reinvestment Coalition, told Yahoo Finance.

Although the recent interest rate hikes affect all homebuyers who require financing, lower-income households are especially vulnerable because banks use the debt-to-income, or DTI, ratio as part of the underwriting process to qualify borrowers for loans.

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