"The housing economy is in trouble, and a major reason has been soaring interest rates, which hit a high-water mark of 7.79 percent last fall."
"Close to 60 percent of homeowners have outstanding mortgages that are locked in at rates below 4 percent, according to recently released data from Redfin."
"If a homeowner sold and bought a new home in a comparable neighborhood, they would forego a low rate for another that is at least 2.5 percentage points higher."
"While the recent dip in the mortgage rate has been significant - over 1 point in less than a year - economists say it's not enough."
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