'Marry the House, Date the Rate' Backfires for Stuck Homeowners

AI Summary

A homebuying strategy popularized during the rise in mortgage rates encouraged buyers to purchase the home they wanted and refinance later when rates fell. For homeowners now unable to move or refinance affordably, that advice has backfired as borrowing costs remain a burden.

“Marry the house, date the rate.” The idea, boosted by Realtors, mortgage bankers and influencers as interest rates started rising in 2022, was that buyers shouldn’t worry too much about loan costs. Focus instead on getting the house you want, then refinance when rates inevitably came down. Michelle Amponsah reports. (Source: Bloomberg)