00:00:00
us mortgage borrowers are currently
00:00:02
locked in meaning they fixed a rate
00:00:04
that's much lower than current
00:00:07
prevailing Market rates the average US
00:00:08
mortgage Bor has locked in a rate of
00:00:10
about 4% meaning that if they were to
00:00:12
refinance or move they would pay a huge
00:00:15
financial cost relative to the rate that
00:00:17
they've got locked in and so the fact
00:00:19
that they don't want to move or sell is
00:00:20
actually showing up in aggregate
00:00:22
transactions data so the housing
00:00:24
transactions basically have fallen off a
00:00:26
cliff relative to last year they're
00:00:28
about 30% below levels of last year
00:00:31
which we've last seen following the
00:00:33
great financial crisis so lockin is
00:00:35
really severely impacting housing
00:00:37
markets at this point
