Mortgage rates are the highest they’ve been in over 30 years, keeping home affordability in unprecedented territory. However, mortgage rates above 7% aren’t the only factor keeping home prices high. In fact, the low supply of homes is currently the largest contributor to high prices. This is because 61% of outstanding mortgages have a rate of less than 4%, while 90% of mortgages are lower than 6%. Therefore, homeowners who have locked in mortgages lower than today’s rates (whether through purchase or refinancing) are unlikely to put their homes for sale, especially considering the new possibilities given to workers ... (full story)