✉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%
US mortgage rates have climbed above 7%, while millions of homeowners still hold loans locked in below 4% from the pandemic-era refinancing boom. Analysts note many owners refuse to sell because moving would mean giving up their cheap rate and taking on a far costlier new mortgage, a dynamic known as the lock-in effect that is keeping housing supply tight and prices elevated.
Why now: High rates are freezing the housing market, so the mortgage lock-in effect is a hot topic for buyers, sellers and economists.
US homeownersFederal ReserveWolf Street
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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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