Report: 6 of 7 People with Mortgages Have Interest Rates Below 6%
WRE News August 28, 2024
Buyer
WRE News August 28, 2024
Buyer
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%.”
Stay up to date on the latest real estate trends.
Buyer
October 10, 2025
Seller
October 10, 2025
These days, you’re going to want to get your price right when you get ready to sell your house.
Buyer
October 9, 2025
If you’ve been following real estate news lately, you’ve probably seen headlines saying home prices are flat.
Buyer
October 8, 2025
Learn how Jackie (Jaleh) and Richard sold a stunning modern Menlo Park home with an attached ADU in just two weeks through a data-driven pre-market strategy.
Buyer
October 7, 2025
You want mortgage rates to fall – and they've started to. But is it going to last? And how low will they go?
Buyer
October 3, 2025
If you’ve been watching from the sidelines, now’s the time to lean in. It’s officially the best time to buy this year.
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