Golden Handcuffs Coming Off?
“Golden handcuffs” have kept lots of sellers in their current homes for the last two years. Potential sellers have felt stuck, locked with “golden handcuffs” into their 3 or 4% mortgages, unwilling to sell and be forced to take a new mortgage at 75 or 8%. The good news is that mortgage rates have started to come down this month as the Fed appears to have finished its series of aggressive rate hikes – and some sellers are tired of being stuck in a home that no longer works for them.