Here's a chart showing the distribution of interest rates on...
Here's a chart showing the distribution of interest rates on outstanding mortgages.
Over 30% of borrowers have rates below 3%, up from just ~5% of borrowers prior to the pandemic.
Virtually no new mortgages are being taken out at 7%+ interest rates that we currently see.
Strangely, there's a spike in mortgage rates at 9% or higher.
As we have stated multiple times, elevated housing prices are not a product of demand.
Rather, they're a product of minimal supply.
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