LOTSA LOCK

Recent research shows that for every percentage point that mortgage market rates exceed the rate currently enjoyed by the homeowner, the probability of sale is reduced 18.1%. This led to a 57% reduction in home sales with fixed-rate mortgages in 23Q4, and a reduction of 1.33 million sales between 22Q2 and 23Q4. The supply reduction boosted home prices 5.7%, outweighing the impact of higher rates, which reduced prices by 3.3%.