In last night's State of the Union address, President Biden outlined several homeownership and rental initiatives.

"I know the cost of housing is so important to you," he said. "If inflation keeps coming down, mortgage rates will keep coming down as well. But I'm not waiting."

He said he wants to provide an annual tax credit that will give Americans $400 a month for the next two years as mortgage rates come down to put toward their mortgage when they buy a first home or trade up for more space.

The president also addressed issues related to mortgage refinances by eliminating title insurance fees for federally backed mortgages, potentially saving homeowners $1,000 or more when they refinance. He proposed cracking down on big landlords who break antitrust laws by price-fixing and driving rents.

President Biden said he cut red tape so more builders can get federal financing, which is already helping build a record 1.7 million housing units nationwide. He asked Congress to pass his plan to build and renovate 2 million affordable homes to bring rents down.

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