The mortgage rate lock-in didn’t start in 2022
FHFA, in its March 2024 research paper, The Lock-In Effect of Rising Mortgage Rates, quantified the degree to which rising mortgage rates slowed housing purchases in 2023. Researchers developed a framework for estimating the number of home sales in 2024 based on the current levels for mortgage rates. They concluded that the net effect of [...]read moreThe mortgage rate lock-in didn’t start in 2022