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Date Posted: 10:07:25 3/06/23 Mon
Author: Jasper
Subject: Goldman: 99% of Existing Mortgages Are Well Below Today’s Rates

Taps Coogan writes;

Second, the downturn in housing may be surprisingly slow and drawn out. Very few home owners have mortgage rates that reflect today’s fundinentals and even fewer have high, variable rate mortgages. Homeowners are now heavily incentivized to stay in their current home and keep paying off their mortgage, which probably has a rate below the inflation rate and maybe even their wage growth rate. That means defaults may take time to build and the supply of existing homes into the market should remain low, dragging out the process of home prices reflecting today’s very challenging mortgage costs.

https://thesoundingline.com/goldman-99-of-existing-mortgages-are-well-below-todays-rates/

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