‘Something big’ just happened in the U.S. housing market, real estate CEO says. And it could mean the difference of being able to buy a home or not

During the pandemic-era housing market, homebuyers enjoyed sub-3% rates, ushering in a wave of homebuying among younger generations. But in the following few years, the American Dream came crashing down as mortgage rates and home prices rose, and inflation and wage stagnation set in. 

That meant more homeowners in the U.S. had sub-3% mortgage rates compared with today’s 6%-range rates, creating a lock-in effect in which current homeowners refused to let go of their low mortgage rates...