BETHLEHEM, Pa. — The “locked-in mortgage effect” that dominated real estate headlines in spring finally may be starting to ease, experts say.
The Greater Lehigh Valley Realtors said October data showed “a strong start to the fall selling season,” finally nudging some homeowners who were reluctant to move in a different direction.
The term “locked-in” refers to Americans who have been staying on the sidelines of the housing market due to holding low mortgage rates — many below 4%, and some in the 2s and 3s — as rates soared above 7%…