Mortgage Moves

91.8% of U.S. homeowners with a mortgage have an interest rate below 6%. That’s down from a record high of 92.9% in 22Q2. The tiny decline over the course of a year shows how “rate lock” has frozen existing homeowners in their tracks, and why existing inventory is so limited. In fact, 82.4% of mortgagees have a sub-5% rate, 62% have a sub-4% rate and 23.5% have a sub 3%-rate.