🚀 Mortgage rates skyrocketed to 7.48%, a peak unseen since November 2000, rendering homes less affordable.
📈 Just last year, the 30-year fixed rate lounged at a comfy 5.5%. Today’s homebuyer would shell out about $420 more monthly for the same house.
🤔 “Golden handcuffs” – a new term, not for fashion-forward wristwear, but for current homeowners chained to their low rates, unwilling to sell and face the current brutal rates.
Fun fact: Switching homes now might feel like trading in your flip phone for a rotary one. Not very 2023.