The US homeownership rate was constant are around 64% until 1995. Then it began its meteoric rise to ALMOST 70% in 2004/2005 when US Department of Housing and Urban Development (HUD) unleashed their National Homeownership Strategy. This strategy called for the relaxation of mortgage underwriting standards. Read it and weep.
Yes, US homeownership rates started rising in 1995 as underwriting standards were weakened. You can see in the chart above that the homeownership rate rose from 1995 to 2005. The only available data on borrower credit scores on Bloomberg. But starting in 2003, you can see the surge in “mortgage originations by credit scores less than 620” as homeownership rates surged. But following 2008, both homeowership and sub-620 credit scores loans declined.
But since 2017, homeownership rates have soared DESPITE sub-620 mortgage originations being fairly flat.