"Golden handcuffs" lock up Florida's housing supply

• That rate jump makes the total cost of buying a home more expensive for buyers that need financing.

Why it matters: Mortgage holders are experiencing the "golden handcuffs" phenomenon: They have a great rate now, but likely can't move without spending a lot more cash, Redfin chief economist Daryl Fairweather tells Axios.

• Since they're staying put and not selling, prospective buyers are left with few homes to choose from.

By the numbers: In Florida, only 10% of homeowners with mortgages had a rate higher than 6% as of late 2022.

• More than 20% of homeowners with mortgages really lucked out and have a rate below 3%.

What's next: New construction, lower mortgage rates and cheaper home insurance would help restore balance to the market.

• But Fairweather predicts that even with the increase of new builds in 2023, it'll take the U.S. a decade to repair its housing shortage.