10/29/2026
It’s easy to get frustrated with the current rates, but the low rates definitely helped get us in this bind that will take years to unwind.
The low rates were fun while they lasted. They certainly made my job easier! But in hindsight, we can see that they also contributed to lasting challenges in the housing market. There is no quick fix. Many homeowners will likely stay in their homes much longer than they otherwise would have because they locked in those low rates. Some may stay for the rest of their lives.
This makes it harder for the supply of homes for sale to catch up with demand (especially affordable homes). As long as the gap between those low rates and current market rates remains substantially higher, many homeowners will have a strong financial incentive to stay put. Time, more homebuilding, and lower mortgage rates could help, but this predicament may take years to overcome.