In One Chart: Here’s what mortgage ‘rate lock’ looks like, in one chart [MarketWatch]
Black Knight, Inc. (BKI)
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Source: MarketWatch
Here’s what mortgage ‘rate lock’ looks like, in one chart In 2017, MarketWatch documented many of the reasons there aren’t enough homes to buy . One of the most striking forces in the housing market right now is “rate lock,” the idea that homeowners with ultra-low mortgage rates can’t bear to give up those loans and, in buying a new home, get stuck with a mortgage with a much higher rate. Real estate data provider Black Knight shared data that illustrated the phenomenon. Among all homes listed for sale at that time, those with a mortgage that had a “5-handle,” a rate between 5.00 and 5.99%, were far more likely to be listed for sale than those with a 3-handle. MarketWatch recently asked Black Knight for an update. The chart above shows the picture a year and a half later. Also read: Americans are still shunning adjustable-rate mortgages 10 years after the crisis In its October Mortgage Monitor , Black Knight notes that homes purchased with the lowest interest rates in history, are
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