Home buyers and owners are both trapped by high rates
PHILADELPHIA — The U.S. housing market is pushing buyers and sellers to opposite ends, as one group struggles with affordability while the other is locked into low rates.
“Homeowners are in good shape because they probably have a lot of equity in their homes. They probably have a mortgage that’s 2%, 3%, 4%,” she explained, but are constrained by a “lock-in effect of not giving up that mortgage.”Roughly 92% of U.S. homeowners who have mortgages have a rate below 6%, according to a June analysis by Redfin.
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