re: .

quote:

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Anyone who has a rate below 3% is not moving any time soon or perhaps for the life of their mortgage. That's what's unique about our current situation. Rates went up so fast that most people who already owned their homes don't want to give up their low rate.

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This is what makes these recent threads intriguing.

There’s always the glib guy posting about hoping for a crash so he can get his first home at generational low.

But even if home prices crash, inflation, the appreciation from the past few years, and rising interest rates negate any possible discount to the buyer.

It will be years before people adapt to the idea of buying new homes with a 7% rate when every house they’ve ever owned was below 4%.

Then there’s the old people who want to downsize. When their mortgage rate doubles or triples, it becomes more expensive to downsize than to just keep what they have.

The only homes trading in the foreseeable future are the high end ones where people pay cash and the low end DR Horton starter homes