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Here's when homeowners should give up their low mortgage rate to buy a new home, according to experts – CBS Moneywatch

Today's real estate market has many homeowners feeling stuck. With 30-year mortgage rates currently averaging about 7%, homeowners who secured rates closer to 3% during the pandemic are hesitant to sell their homes. This reluctance to lose their low mortgage rates has created an unusual housing market.

Life's major decisions rarely align with ideal market conditions, however, while giving up a low rate might seem unthinkable, mortgage professionals say there are several scenarios in which trading that rate for a new home can be smart.

Jeff Taylor, Founder & Managing Director at Mphasis Digital Risk, shares his views on when it makes sense to buy a home despite giving up a lower mortgage rate.

Read the article here.