Did you buy a home in 2020 or 2021?  I'm betting you might stay in that home longer than we might otherwise expect.  After all, who would want to give up that fixed mortgage interest rate that is SOOOO low!

For nearly all of 2020 and 2021, the average mortgage interest rate on a 30 year fixed rate mortgage was below 3.5%.  That is LOW.  For some months during that two year period, the rate was lower than 3%!

When home buyers from 2020 or 2021 think about selling five to seven years from now, I'm guessing a part of the though process of whether to sell will relate to whether they really want to give up that super, super, super low mortgage interest rate! 

Mortgage interest rates are currently hovering around 5%, and perhaps they'll stay there for much of the year, and beyond...

If, seven years from now, you would potentially be selling and paying off a mortgage with a 2.75% interest rate... in order to take out a new mortgage with a 5.25% interest rate... will you really want to do it? 

Certainly, our needs for housing (location, size, configuration, etc.) change over time... and that might supersede a desire to hold onto that fantastically low mortgage interest rate.

All that said, if you were fortunate enough to buy (or refinance) in 2020 or 2021, enjoy that super low interest rate, as it doesn't seem likely that we will see them anywhere near that low in the coming months and years.