The mortgage 'lock-in' effect is here to stay and home prices won't fall for years to come, research firm says

• Easing mortgage rates won't fully unwind the "lock in" effect, Capital Economics said.
• Home moves and market activity will remain muted even if borrowing costs become more attractive.
• Rising buyer demand and low inventory will drive prices 5% higher this year, the firm said. 

The frozen US housing market may not fully thaw for years to come, according to Capital Economics.