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Real Estate
Reply to "Mortgage rates are set to stay elevated"
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[quote=Anonymous][quote=Anonymous]No one is talking about the people locked into 2.75% rates are *never* going to sell their homes.[/quote] Everyone is talking about it. Lots of people are stuck. It can be cost prohibitive to trade up and wouldn't yield much if any savings to downsize - for those who need a mortgage. But some people will still trade up or downsize or relocate because they can afford the mortgage or they're paying a large chunk of it in cash. Plus people divorcing or aging and moving into elder care facilities or dying. First time buyers will still want to purchase a home, even if it's harder to attain. There will still be some market movement, even if the market is slower. We recently sold and paid cash for our new home. We weren't going to tie ourselves to our prior house just because we had a low rate and we have no desire to be landlords, even though we could have afforded to keep it. [/quote]
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