By Brianna Crane and Jessica Boehm | Axios
Roughly 67% of Arizona homeowners with mortgages have a rate below 4%, per Redfin data shared with Axios. That’s locking homeowners in place and leaving hopeful buyers with few homes to choose from.
Between the lines: Mortgage holders are experiencing the “golden handcuffs” phenomenon: They might have a great rate now, but likely can’t move without spending a lot, explains Redfin chief economist Daryl Fairweather.
Why it matters: The interest rate impact is making it even harder for would-be homeowners to break into a housing market that’s been plagued by supply shortages and skyrocketing prices.
