✉news BusinessReal Estate first seen 14 h ago, last 50 min ago, peak #6
Mortgage Rates Hit 7%, Deepening the Lock-In Effect
Original: As Mortgage Rates Hit 7%, the Lock-In Effect Gets Stronger
US mortgage rates have reached 7%, strengthening the lock-in effect in which homeowners with cheaper existing loans refuse to sell and take on new, higher-rate mortgages. The result is fewer homes on the market, constrained supply, and persistent affordability pressure for buyers, a dynamic economists and housing analysts say is becoming more entrenched as rates stay elevated.
Why now: Housing affordability and frozen home sales remain pressing concerns for buyers, sellers, and policymakers as rates climb.
Evidence
- As Mortgage Rates Hit 7%, the Lock-In Effect Gets Stronger · Bloomberg.com
API: https://socialmediatrends-api.osmike.com/v1/trends/2752