Too good to give up

Mortgage rates have been high – close to 7% – for the last two years. This, of course, has slowed the housing market but the main factor that has kept movement at a standstill is that 70% of existing mortgage holders have a rates that are more then three percentage rates below the current rate.

This means that those thinking of relocating for better jobs or pay, those looking for more space or those looking to downsize aren’t going anywhere anytime soon.

It’s estimated that low locked-in rates are worth close to $50,000 to the average mortgage holder over the life of the loan.

Is it any wonder they’re reluctant to give that up?

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