Higher rates may prompt homeowners to stay put, but how will that impact inventory?

Source: Realty Biz New — 

The thinking is that homeowners who’re locked into their current low mortgage rate are incentivized to stay where they are. Indeed, some are currently enjoying ultra-low rates of less than 3%, so to move now would mean a big bump in their monthly outgoings.

Redfin said this “lock-in effect” may lead to a decline in home listings in the coming months.

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