Grant Cardone on Mortgage Rates Being at 23-Year High, Mortgage Demand at 28-Year Low (Part 4)
October 27, 2023
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6:30Now PlayingGrant Cardone on Mortgage Rates Being at 23-Year High, Mortgage Demand at 28-Year Low (Part 4)
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In this clip, Grant Cardone broke down shifts in American mortgages. Mortgage rates have reached their highest level since 2000, a new experience for many first-time homebuyers in their 20s and 30s. This stark change from 2020's record low rates has caused a "reverse problem" where 90% of American mortgages are under 4.5%, and 35% are under 3%. As nearly half of all homeowners borrowed against low-interest rates, there is now a trend toward "golden handcuffs," where homeowners with low lending rates find it more beneficial to rent out their homes than to sell. This would allow them to profit from the interest differential without paying taxes except on the repayment portion. This effect, combined with a lack of desirable housing inventory and potential buyers unable to qualify for a mortgage due to inflated house prices from money printing, has led to the lowest mortgage demand in 28 years.
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