The mortgage lock-in effect shaved $20 billion off the US economy in a year
Sellers have been resisting putting their homes on the market to avoid dealing with elevated mortgage rates.
Lilit Amirkhanian/Getty, Tyler Le/BI
- The housing market's lock-in effect cost the US economy $20 billion last year.
- High mortgage rates led to economic stagnation and reduced housing activity.
- Americans who moved paid an extra $21 billion per month in mortgage payments.
High mortgage rates cost the US economy billions of dollars last year.
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