Something just flipped in the U.S. mortgage market—and it’s not rates coming down

The housing market just crossed an important threshold—one that’s especially good news for anyone who might be planning on buying a home any time soon.

The massive wave of COVID-19-era mortgages with ultra-low rates were a huge boon for many homebuyers, but the housing market hasn’t been the same since. A huge swath of homeowners in the U.S. suddenly had mortgage interest rates well below 4%—and very little incentive to sell their homes for less affordable options with today’s higher rates.