A paper found that the housing market's lock-in effect cost the US economy $20 billion over a year. High mortgage rates led to economic stagnation and reduced housing activity. Researchers estimated Americans who moved paid an extra $21 billion a month in mortgage payments. Go to newsletter preferences Thanks for signing up! AdvertisementHigh mortgage rates cost the US economy billions of dollars last year.

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Persons: —, Jack Liebersohn, Jesse Rothstein Organizations: Service, National Bureau of Economic, Business