Most homeowners are sitting on mortgages with rates below 6%.
Over 85% of U.S. homeowners have interest rates below 6%, 76.1% have rates below 5%, and just over 50% have rates below 4%,
For homeowners contemplating a move, it's unclear whether many will opt to exchange their low-rate mortgages for potentially higher ones. But data provided by the real estate brokerage does show that some are doing so.
The
Mortgage industry analysts
Blakely Minton, a Redfin real estate agent, notes homeowners do want to move, and they are waiting for
"I have a dozen or so homeowners who would like to sell, but
Redfin's report shows in the second quarter of 2022, 92.8% of homeowners had rates below 6%, whereas that figure has now decreased to 85.7%.
Additionally,
"The pandemic surge in home values means they have enough equity to justify selling and taking on a higher rate, especially if they're downsizing or moving somewhere more affordable," Redfin's report added.