Leave a Message

By providing Jackie Schoelerman your contact information, you acknowledge and agree to our Privacy Policy and consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.

Thank you for your message. We will be in touch with you shortly.

Report: 6 of 7 People with Mortgages Have Interest Rates Below 6%

WRE News August 28, 2024

Buyer

Report: 6 of 7 People with Mortgages Have Interest Rates Below 6%

A total of 85.7% home owners with mortgages, roughly six out of every seven households, have an interest rate below 6%, according to a data report from Redfin (NASDAQ: RDFN). This is down from 90.6% at the start of last year and from the record high of 92.8% in mid-2022.

Redfin noted that 76.1% of homeowners have a rate below 5%, down from a record 85.6% in the first quarter of 2022, while 57.4% have a rate below 4%, down from a record 65.3% in the first quarter of 2022, and 22% have a rate below 3%, down from a record 24.7% in the first quarter of 2022.

Redfin added these percentages continue to reinforce the lock-in effect that is keeping is homeowners from selling their properties, thus exacerbating the shortage of homes for sale.

“I have a dozen or so homeowners who would like to sell but aren’t willing to give up their 3% interest rate for one that’s more than twice as high,” said Blakely Minton, a Redfin Premier real estate agent in Philadelphia. “Many of those sellers will list if rates get back down to 5%.”

Recent Blog Posts

Stay up to date on the latest real estate trends.

Researchers Have Followed Over 700 People Since 1938 To Find The Keys To Happiness. Here’s What They Discovered

December 26, 2024

If someone asked you which option would make for the most pleasant train ride possible which would you choose—spending your commute keeping to yourself or striking up … Read more

Mortgage Forbearance Level Inches Up

December 26, 2024

The total share of mortgages in forbearance increased to 0.50% in November, up from 0.47% in October.

The Personal Joys of Having a Home To Call Your Own

December 26, 2024

There’s no doubt that owning a home comes with significant financial benefits.

The #1 Reason People Move: To Be Closer to Family and Friends

December 25, 2024

Have you ever thought about packing up and moving to be closer to the people who mean the most to you?

How Home Equity May Help You Buy Your Next Home in Cash

December 25, 2024

Building equity in your house is one of the biggest financial advantages of homeownership.

Palo Alto Orchards Neighborhood

December 25, 2024

View All

We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Schedule Appointment

Leave a Message

Thank you for your message. We will be in touch with you shortly.

Report: 6 of 7 People with Mortgages Have Interest Rates Below 6%

Recent Blog Posts

Researchers Have Followed Over 700 People Since 1938 To Find The Keys To Happiness. Here’s What They Discovered

Mortgage Forbearance Level Inches Up

The Personal Joys of Having a Home To Call Your Own

The #1 Reason People Move: To Be Closer to Family and Friends

How Home Equity May Help You Buy Your Next Home in Cash

Palo Alto Orchards Neighborhood

We are Your GPS to Success Let’s Get Started

Follow Us On Instagram

Get in Touch

Contact Details