We bought a house with a 2.5% mortgage rate a few years ago. Our family's much bigger now, but moving is not an option.

"We had no idea we'd likely never see such a sweet rate again, or how lucky we'd been to have moved to a bigger space right before the pandemic would leave us stuck at home for months on end with a bunch of little kids."

"By the time we began looking to move into a place with more space, rates had risen back from the historic lows. We've yet to see a rate comparable to what we got in 2019."

"If the rates were even close to what we'd paid in 2019, we'd likely be able to justify moving and budget for the monthly payment on a bigger space."

In November 2019, a family purchased a four-bedroom home with a favorable 2.5% mortgage rate. As their family grew from three to seven members, they sought a larger home. However, rising mortgage rates have made moving difficult, as they have not seen rates comparable to their original rate. Despite occasional drops below 6%, the current rates would significantly increase their monthly payments, making it hard to justify a move. The family feels stuck in their current home due to these financial constraints.

Read at www.businessinsider.com