If a homeowner sold and bought a new home in a comparable neighborhood, they would forego a low rate for another that is at least 2.5 percentage points higher. ... As many as 800,000 fewer moves occurred last year, a direct result of what economists call the “rate lock effect” or the “golden handcuffs,” according to a paper [coauthored by UCI economist Jack Liebersohn] published last month by the National Bureau of Economic Research.

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