The Lock-In Effect is Keeping Homes Off the Market. How Long Will it Last?

Bankrate, May 20, 2024–Jeff Ostrowski
As mortgage rates plummeted to record lows in 2020 and 2021, homeowners made the logical decision to snap up cheap money and refinance. Now that rates have more than doubled, homeowners are again behaving logically: They’re staying on the sidelines of the housing market, biding their time, in an outcome known as the “lock-in effect.”
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