How rising mortgage rates are increasing the cost of living for millions of Americans

Daryl Fairweather:

Yes, many homeowners were able to lock in record low mortgage rates during the pandemic, which lowered their monthly mortgage payments.

And if they were to move today and buy equally priced home, they could see their mortgage payments double just for getting the exact same kind of home. So many people don't want to move because they don't want to have that added cost.

The only people we are seeing move right now are those who are downsizing, moving to more affordable areas, or people who have a major life situation happening, like a marriage, a divorce, or a new baby on the way.

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