Home Valuation Industry News News

The Mortgage Lock-In Effect Is Waning as Sellers Flood the Market

Getty Images

Realtor.com® | Snejana Farberov

Some segments of the U.S. residential real estate market started to thaw in January after December’s deep freeze, with a growing number of homeowners listing their homes for sale in a sign that the stubborn “lock-in” effect is finally beginning to ease.

The “lock-in effect” refers to homeowners’ reluctance to sell because they have a low mortgage rate and would have to take out a mortgage at a higher rate when they buy a new home.

Even though the 30-year fixed mortgage rates continue to be high, hovering at just below 7%, homeowners seem to have accepted this new normal and are not letting it stop them.

Read the full article: The Mortgage Lock-in Effect is Waning as Sellers Flood the Market

Related posts

JLS broker Jon Bye on King 5: Is now the time to buy real estate?

jlspr

John L. Scott Poulsbo hosts spring food drive for North Kitsap Fishline

jlspr

Video will dominate online search: How to win over Google

jlspr