“President Biden will propose a set of new housing initiatives in Thursday’s State of the Union address, including tax credits to offset high mortgage rates for first-time home buyers and encourage people to move out of starter homes and put them on the market,” the Washington Post reports.
“The proposals would provide middle-class, first-time buyers with $5,000 per year for two years.
That would have the same effect as lowering a buyer’s mortgage rate by more than 1.5 percentage points for two years on the median home, according to the White House.”