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How Mortgage Rates Shape the U.S. Housing Market Landscape

Understanding the mortgage rate at which current homeowners purchased their homes is crucial to understanding the current housing market dynamics in the U.S.

ResiClub published an interesting way of viewing this data in the chart below, which shows the effective mortgage rate by state in the U.S. As they point out, the current 30-year fixed mortgage rate is well above the effective rate among homeowners, contributing to what is known as the “lock-in effect” where less people are selling their houses because they don’t want to give up their low rate for a higher one.

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