Economics
Soaring US Mortgage Rates Are Discouraging Americans From Moving
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Americans increasingly say they have no intention of moving in the coming year, suggesting a growing reluctance among the millions of US homeowners who locked in ultra-low mortgage rates before this year’s surge.
Federal Reserve Bank of New York survey data on Monday showed respondents put a 14.4% probability of changing their primary residence, the lowest in data back to 2013. The decline risks keeping a lid on much-needed inventory and spells bad news for prospective buyers hoping for a significant drop in prices.