The ‘lock-in effect’ is making it harder to buy a home—even if mortgage rates fall
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最新报道：Homeowners are reluctant to sell despite lower mortgage rates due to the "lock-in effect," where many are unwilling to give up their ultra-low pandemic-era rates. With nearly 90% of mortgage holders enjoying rates below 6%—and over half below 4%—the housing market remains sluggish as potential sellers stay put. This has led to a 30% drop in existing home sales compared to pre-pandemic levels, exacerbating inventory shortages and keeping prices elevated. Economists warn this trend could persist for years, delaying a full market recovery even as new construction tries to fill the gap.
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