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HousingWire Daily
Mike Simonsen on home price trends and inventory across the country
Jul 19, 2024
Mike Simonsen, founder of Altos Research, discusses home price trends, inventory analysis across different states, and national trends. He explores the impact of mortgage rates on the housing market, advantages of locking in low rates, and unrealistic expectations in the market.
34:49
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Quick takeaways
- Ultra-cheap mortgages stimulate the economy, despite increasing rates.
- Rising mortgage rates drive record-high debt-to-income ratios, potentially leading to a market correction.
Deep dives
Mortgage Trends: Rates and Borrower Behavior
Around 56-57% of US mortgage holders have mortgages under 4%, with another 18% under 5%. Despite increasing rates, many continue to have ultra-cheap mortgages, impacting loan payment behavior. The cheap rates have incentivized borrowers to hold onto mortgages, stimulating the economy over the years.
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Discover
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