It has started to come down, but, at 5.9%, we still have a way to go to get back to our 2% target. Our monetary policy is working to do just that. Increases in our policy interest rate are starting to slow demand, giving supply time to catch up and taking some of the pressure off prices.
The CRA regulations encourage banks and thrifts to invest in activities that provide affordable housing or financial services for individuals, promote economic development, or revitalize or stabilize low- or moderate-income areas.