Mortgage Rates and Homeowner Lock-in Effect

From 2017-2021, mortgage rates dropped 32% from 4.1% to 2.8%. From 2021 to 2024 rates increased 138% from@the low 2.8% to 7% +. About 62% of homeowners have rates less than 4% and about 86% have rates less than 6%. Homeowners are staying put - the Lock-In Effect due to the low fixed mortgage rates has suppressed inventory. #mortgage #inflation #homeprices #housingmarket #realestate #realestatemarket #homebuyers #homeownership #homeowner #realsophy #realsophyrealestate #dreamhome