Where Data Tells the Story
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After a decade of near-zero rates, though, today’s levels still feel like a shock to the system. And clinging on to those pandemic-era bargains, many US homeowners are naturally reluctant to give them up. Per Morgan Stanley housing strategist Jim Egan, two-thirds of outstanding mortgages in the States now have a rate below 4%. Selling now would mean trading those low monthly payments for something far pricier, with today’s 30-year fixed mortgage rates sitting at 6.72%.
The result? A market freeze, as buyers wait for rates to cool while sellers remain anchored to their old mortgages. Last year, existing home sales hit their slowest pace in nearly three decades — and in June, they slipped again to a 10‑month low, stalling the normally busy spring season and dimming hopes for a 2025 recovery.
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