✉news BusinessReal Estate first seen 1 d ago, last 1 h ago, peak #15
Homeowners Hold Onto Sub-4% Mortgages as Rates Top 7%
Original: Homeowners Are Clinging to their Below-4% Mortgages for Dear Life as Mortgage Rates Went over 7%
American homeowners with mortgages locked in below 4% are refusing to sell or refinance now that mortgage rates have climbed above 7%. The wide gap between existing loans and current rates is discouraging moves, keeping housing inventory tight and complicating affordability for buyers. Commentators highlight this 'lock-in effect' as a key drag on the housing market.
Why now: Mortgage rates crossing 7% is fresh news that sharpens concern about the lock-in effect freezing the housing market.
US homeownersUS housing marketmortgage lenders
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- Homeowners Are Clinging to their Below-4% Mortgages for Dear Life as Mortgage Rates Went over 7% · Wolf Street
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