At first, they were worried about missing the boat of historically low mortgage rates. Now, homeowners feel stuck as they want to sell their homes — but can’t bear to give up those rates.
While some homeowners feel like they won the lottery with such low rates, others — particularly those who want to sell now — report feeling trapped, according to a report from Realtor.com.Among those feeling stuck, younger generations felt the crunch more so than older Americans, the Realtor.com survey said. Nearly all of Generation Z, and 87% of millennials feel locked in by their current mortgage rates.
Trading in an lower mortgage rate for a higher one As a result, “more than three-quarters of sellers feel ‘locked in’ to their current home due to a low mortgage rate,” Hannah Jones, economic data analyst at Realtor.com and author of the report, noted. The lock-in effect may have lowered the number of listings There is evidence that having a low 30-year fixed mortgage rate is holding people back from moving. This feeling of being “stuck” has resulted in a very low number of new listings on the market.
Then stay on the house you bought for you to live for a few years!! The use of the word “trapped” is wrong. This whole Thinking behind buying a place to Live as an investment is a stupid idea! Buy a house to live, then live!
Then stay on the house you bought for you to live for a few years!! The use of the word “trapped” is wrong. This whole Thinking behind buying a place to Live as an investment is a stupid idea! Buy a house to live, then live!