Member-only story
Welcome To RATE LOCK!
American mobility will grind to a halt for 2–3 years, if not longer.
The first cool term that sounds like a crushing blow to the skull regarding real estate was The Urban Doom Loop, which is a more a concept that plays out commercially:
On the residential or individual side, what you have now is something called Rate Lock. Essentially, because so many people in America are on a 30-year fixed rate, they don’t want to trade their 3.1% mortgage for a current 7% mortgage, hence you get a lot of “I’d sell now, but where the hell would I go?” conversations. I have at least two of those conversations per week. Almost everyone I know is in some kind of Rate Lock situation or bubble, provided they own a home. Of course, many people I know, even into their late 30s and even 50s, don’t own a home. I wouldn’t if it weren’t…
