The Curry family in Sacramento faces a dilemma between needing more space and maintaining a favorable mortgage rate of 2.25%. The parents, Anna and Isaak, have outgrown their 1,067-square-foot home since acquiring it in 2019, yet they hesitate to upgrade, fearing significantly higher mortgage rates. This reluctance exemplifies the 'lock-in effect,' a trend affecting many U.S. homeowners since mortgage rates rose in 2022. The family has found creative solutions to space issues, but the appeal of their low-rate mortgage continues to weigh heavily on their minds.
How can you let go of 2.25%? It's like a treasure. You don't get that ever again in your lifetime.
This consideration has been top of Anna and Isaak's mind, even as their family expanded and eventually ran out of space in their snug 1,067-square-foot Rancho Cordova home.
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