New data shows 43% of mortgaged homes are equity rich, and 48% of owners aren’t planning to move. Here’s the script that changes their mind.
New FHFA data shows 21.2% of mortgages now exceed 6%, topping the 20.0% below 3% as rates stay in the 6.2% range and the lock-in era begins to shift.
Bloomberg reports FHFA Director Bill Pulte is “actively evaluating portable mortgages” after President Trump’s 50-year loan idea faced backlash.
A new Realtor.com report shows 23% of Millennials plan to buy a home in the next six months—up from 15% last fall. Meanwhile, 63% of potential buyers are holding out for rates below 5%, and half of homeowners with a mortgage feel locked in.
The Realtor.com® September Housing Report shows newly listed homes increased 11.6% year-over-year as mortgage rates dropped to a 24-month low following a 50 basis point Federal Reserve rate cut.
Fannie Mae’s ESR Group revised downward its forecast for existing home sales, predicting an annual sales rate at its lowest since 1995, due mainly to the lock-in effect and persistent affordability constraints.
New reports from Zillow and Redfin highlight the origin and impact of inventory growth in 2024, as more homeowners list their homes while buyers take a step back, pushing inventory up and increasing days on market and the share of homes with price cuts.
A new Zillow analysis shows the U.S., as of February 2024, has 550 “million-dollar” cities (cities where the typical home is valued at $1 million or more)—59 more than last February’s total of 491.
A new Redfin report shows fewer American homeowners were locked into mortgage rates below 6% in Q3 2023 compared to a year before. And a recent Steve Harney Tweet highlights plausible reasons for the diminishing power of the lock-in effect as a deterrent.
Federal Reserve Chair Jerome Powell’s insights on housing supply and the mortgage lock-in effect during the FOMC press conference.
Tom Toole shares how real estate agents can help homeowners who are feeling the lock-in effect—and how you can determine how serious your seller leads are.
A new Redfin report shows new builds account for nearly one-third (31.4%) of available inventory—the highest second-quarter share on record.
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