Housing Costs Continue to Soar as Fed Struggles to Rein in Inflation
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Fed is struggling to curb rising housing costs, which make up a major portion of household spending
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Annual housing inflation still around 7%, while 30-year mortgage rates near 23-year high
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Shelter costs accounted for over 70% of inflation excluding food and energy in recent CPI data
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Americans now spend record 30% of income on rent according to Moody's research
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Purchase mortgage applications fell to 1995 lows and refinances to January 2023 lows due to higher rates