✉news BusinessReal Estate first seen 1 d ago, last 13 h ago, peak #6
Mortgage Rates Hit 7%, Deepening Lock-In Effect
Original: As Mortgage Rates Hit 7%, the Lock-In Effect Gets Stronger
Mortgage rates in the United States have reached 7%, strengthening the so-called lock-in effect, in which homeowners with cheaper existing loans avoid selling so they do not have to refinance at higher rates. The dynamic is limiting housing supply and keeping home prices elevated, adding to affordability pressures for prospective buyers.
Why now: People are following mortgage rates because rising borrowing costs directly affect housing affordability and the housing market's supply crunch.
BloombergUnited States housing market
Evidence
- As Mortgage Rates Hit 7%, the Lock-In Effect Gets Stronger · Bloomberg.com
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