One big reason the U.S. housing market is broken: Owners don’t want to give up their cushy old loans.
  • Earthwormjim91@lemmy.world
    6·
    1 year ago

    Ah yes it’s so much worse than other countries where that interest is 3%, oh wait no now it’s 7%, oh never mind it’s 5% now, oh hold on now it’s 12%.

    A rate locked for the entire term of the mortgage is immensely better for the buyer than a rate that can change every 5 or so years.