As a loan originator, I have witnessed first hand the impact of high interest rates on home affordability in the United States. The dream of homeownership seems largely unobtainable, especially for first-time homebuyers, due to these high interest rates. The heart of this issue points toward the methodology that the Federal Reserve Committee employs to examine inflation—particularly its current treatment of the shelter component. The lag in shelter data due to an outdated approach fails to furnish accurate information, adding an additional strain on the housing market.

Figures from the U.S Bureau of Labor Statistics suggest that shelter costs have been increasing by as much as 4.8% annually. However real time data through sources like Corelogic, Zillow and Apartments.com reveal that shelter costs have increased by only about 1.5%. Using correct numbers for shelter costs would result in a Year-over-Year Core PCE reading of about 2.2% versus the current weighted average of 2.8%.  This inflation overestimation could be having a significant impact on interest rates and, consequently, on home affordability.

To create a balance and open the doorway to affordable homes for all Americans, it's time to petition for a more realistic approach to collecting inflation data. The Federal Reserve Committee must revise its methodology to provide an accurate depiction of inflation. A more precise reading will exert pressure on the Federal reserve to cut fed funds rates aggressively which would significantly lower mortgage rates, making homes more affordable.

By signing this petition, you support the implementation of a more current, accurate methodology for measuring inflation, a step toward making homeownership more accessible for all Americans.