Why Homeowners Can't Move

One of the biggest problems in today’s housing market is the inventory shortage, with demand far outstripping supply. Factoring into this problem is the fact that many homeowners don’t want to give up the low interest rates they locked in with their current homes.

Ninety percent of U.S. homeowners with mortgages have an interest rate below 6%, according to a report from Redfin. Therefore, even those who want to move may feel stuck in place right now, knowing potential savings could be curbed by current towering interest rates.