Mortgage rates dropped to a two-year low last week, hovering around 6.08%, before inching up to 6.12% on Thursday. Barbara Corcoran, founder of real estate firm The Corcoran Group and longtime “Shark Tank” investor, says that the immediate impact will bring more buyers and sellers to the market, but there is still a big issue. Sellers with low mortgage rates don’t want to give up their low percentage.
Corcoran, who sold her real estate company in 2001 for $66 million and now makes about $4.5 million a year from her investments, said this has helped lead to an overall shortage of homes for sale.
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