30-year mortgage rate hit 5.58% today. That's one basis point away from 2002 levels.

We've essentially rewound two decades of housing affordability in less than three years. The speed matters more than the level—most homeowners locked in sub-4% rates and aren't selling. Inventory stays frozen, first-time buyers get priced out, and the housing market stays stuck.

This isn't just a rate story. It's a liquidity trap in residential real estate.