ICE Mortgage Monitor Report reveals a "lock-in effect" in the housing market due to increased moving costs.
ICE Mortgage Monitor Report reveals a "lock-in effect" in the housing market, with many borrowers staying in their homes due to substantially increased costs of moving. Moving to a similarly priced house could result in a 40% increase in P&I, translating to $500 more per month. Despite inventory improvement, it remains 40% below pre-pandemic averages. The ICE Home Price Index shows a 0.43% increase in adjusted home prices in February, the highest since March 2022.
April 01, 2024
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