Across the country, homeowners are renovating rather than moving.
Those who locked in mortgage rates a few years back have done the math: selling means financing at today's rates, and that can add hundreds of dollars a month to housing costs. Most have decided it is not worth it.
The house they are in is the one they intend to keep.
Home Depot (HD) CFO Richard McPhail put a name to it on the company's most recent earnings call. Housing turnover has "never been lower as a percentage of the housing stock," McPhail said. He called it "frozen housing market conditions."
The 30-year fixed rate stood at 7.24% the week of Oct. 29, per Freddie Mac. For anyone sitting on a 3% mortgage from 2020, that number explains the freeze entirely.
#rates #richard #freddie
Those who locked in mortgage rates a few years back have done the math: selling means financing at today's rates, and that can add hundreds of dollars a month to housing costs. Most have decided it is not worth it.
The house they are in is the one they intend to keep.
Home Depot (HD) CFO Richard McPhail put a name to it on the company's most recent earnings call. Housing turnover has "never been lower as a percentage of the housing stock," McPhail said. He called it "frozen housing market conditions."
The 30-year fixed rate stood at 7.24% the week of Oct. 29, per Freddie Mac. For anyone sitting on a 3% mortgage from 2020, that number explains the freeze entirely.
#rates #richard #freddie
14 hours ago
