High Mortgage Rates and a Stuck Housing Market

High mortgage rates are freezing housing turnover near 40-year lows without cooling prices, due to the lock-in effect.

• Mortgage rates spike: 30-year mortgage rate near 7.5%, up ~150bps since February, as the 10-year Treasury trades over 5.3%—its highest close since 2002.
• Affordability hit: Monthly payment on the median-priced home is up over $325 (17%) in just seven months at a 7.5% rate.

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