Las hipotecas a tipo fijo limitan el alquiler

Economists generally oppose rent controls, arguing they disrupt the market. However, mortgage interest rates could also be a contributing factor. Fewer Americans are seeking to relocate, with three-quarters of households able to afford a home under $300,000, while the median price hovers around $400,000. Another reason is the high cost of debt, with the average 30-year mortgage rate exceeding 7%, according to Mortgage News Daily.

Even homeowners who could afford to sell face exorbitant mortgage rates. While the volume of mortgages with rates below 4% is declining rapidly, nearly half of U.S. borrowers still have them, and only one in five pays more than 6%. People prefer buying to renting due to property ownership shielding them from future cost increases.

Governments have been moderating rent increases since the 90s, with more stringent interventions emerging, such as those in New York and Spain. Studies conclude that fixed-rate mortgages trap homeowners, reducing the supply of homes for sale and transactions. This is because fixed-rate mortgages prevent some owners from selling and moving to higher-income neighborhoods, removing supply without a corresponding decrease in demand.

Younger borrowers, who often seek to relocate to higher-income areas, are most affected. Sweden and Australia manage with variable rates, but authorities generally aim to protect populations from sudden price hikes. Government-backed mortgage-backed securities support demand for fixed-rate loans. There are ways to mitigate their negative effects.

The White House studied allowing mortgages to be "portable," as in Canada and the UK, and the Danish model offers an "exit option" to cancel debt at market value. Both options would charge higher interest rates, but limiting rentals might be worth the price. The article is written by Reuters Breakingviews columnists, whose opinions are their own.