High Mortgage Rates and Low Inventory Keep Housing Market Challenging for Buyers
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Mortgage rates are at 20-year highs, limiting home sales and affordability.
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Home prices continue rising due to low inventory from the "lock-in effect."
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Higher mortgage rates make moving costly, disincentivizing current owners from selling.
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Limited supply prevents prices from declining sharply.
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Reversing impacts of price/rate hikes could take years, hurting first-time buyers.