New Homeowner Data Challenges Mortgage Rate Lockdown Theory

HousingWire, Jan. 5, 2025-Logan Mohtashami
I have often debated whether the mortgage rate lockdown is real or just another housing myth. At first glance, the lockdown theory seems like common sense, so when mortgage rates jumped from 3% to 7% in 2022, it was logical to wonder why anyone would choose to sell their home. People with low rates seemed “locked in,” which would mean first-time buyers, cash buyers or investors would be the ones driving home sales, since those moving up or down wouldn’t want to sell and then buy at such a higher rate.
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