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by sokoloff
1189 days ago
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I don't think 2008 was nearly the same in terms of the fixed rate mortgage positioning. A seller in 2008 could likely move and get a mortgage at a practically the same rate as the one they were leaving. That meant that trading down in housing cost would improve their cashflow. Sellers now with a 2.75% fixed-30 mortgage could trade down a significant amount in housing cost and end up with worse cashflow if they take on a new mortgage at 5+%. |
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