Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Higher Mortgage Rates Vexing Homeowners Who Want to Sell · 23 Sep 2022
podcast
And then to buy a new home, you have to take out a mortgage at a much higher rate.
Right now, rates are above 6% on average.
And so for somebody who has a current mortgage below 3%, that's more than double that they would be having to pay an interest.
Some people, of course, have to move for various reasons.
They're being relocated.
There's been a change in their family situation.
But a lot of people maybe don't have to move right now.
They can decide and
make a decision about their timing.
And for those households, it's a lot harder to imagine selling their home, given how much more they would expect to have to pay for that new home with higher mortgage rates and higher home prices.
So one of the families that I spoke to in Tarrytown, New York, they're in a two bedroom condo right now.
And that was the right size for them when they moved in
few years ago and they had only one kid but now they have two kids the kids are sharing a bedroom as they get older the parents expect they're going to need more space in a couple of years but they're looking at the market and they're looking at their current mortgage rate which is 2.75 on a 30-year mortgage and thinking gosh it's going to be so hard to give up that very low borrowing rate
and move into a bigger home that's likely going to be more expensive and at a higher interest rate.
And so it really just makes that decision of whether to sell and when to sell much harder.
Yeah, so this is a big question right now for housing economists is figuring out how much are homeowners going to stay put instead of selling?
How much is this going to affect the market?
And it's really hard to say because mortgage rates have not risen this quickly in decades.
And so this is really kind of an untested scenario.
Sam Kater, who is the chief economist for Freddie Mac, he did an analysis a few years back in 2016
Showing 281–300 of 798 · page 15 of 40
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