A closer look
Congratulations on securing a historically low interest rate during the pandemic; you are now legally and financially forbidden from ever moving. The US housing market is currently paralyzed by the golden handcuff effect. Millions of homeowners locked in 30-year mortgages at rock-bottom three percent rates. Even if they desperately need to upsize or relocate for a job, selling their home means giving up that subsidized debt to take on a new mortgage at double the interest rate. It has effectively frozen housing inventory, artificially inflating property values while trapping an entire generation in their starter homes.
