One-Third of Homeowners With Low Mortgage Rates Refuse to Switch

Broader Market Context

The reluctance to sell is compounded by rising property values. National home prices have increased by approximately 40% since before the pandemic. 30% of homeowners claim they are staying in their current homes because prices are too high.

This environment is the result of a significant shift in borrowing costs. Mortgage rates rose from just under 4% in 2019 to an average of 6.91% in 2024, contributing to the 18% of homeowners who explicitly state they do not want to give up their low mortgage rates.

Homeowner Regret and Market Sentiment

Mortgage dissatisfaction is widespread, with 52% of all homeowners expressing regrets about their mortgage. This figure increases to 75% among homeowners paying a rate of 6% or more.

The report also points to a perceived lack of transparency during the home-buying process. Specifically, 59% of homeowners felt uninformed when they purchased their homes, and 63% believe that lenders take advantage of first-time buyers.

Housing decisions are increasingly driven by interest rate fluctuations. Roughly 49% of all homeowners with mortgages say that rates have impacted their housing decisions. When choosing the ideal conditions for moving, 58% of homeowners prioritize low mortgage rates, while 42% prefer low home prices.

Broader Market Context

The reluctance to sell is compounded by rising property values. National home prices have increased by approximately 40% since before the pandemic. 30% of homeowners claim they are staying in their current homes because prices are too high.

This environment is the result of a significant shift in borrowing costs. Mortgage rates rose from just under 4% in 2019 to an average of 6.91% in 2024, contributing to the 18% of homeowners who explicitly state they do not want to give up their low mortgage rates.

Homeowner Regret and Market Sentiment

Mortgage dissatisfaction is widespread, with 52% of all homeowners expressing regrets about their mortgage. This figure increases to 75% among homeowners paying a rate of 6% or more.

The report also points to a perceived lack of transparency during the home-buying process. Specifically, 59% of homeowners felt uninformed when they purchased their homes, and 63% believe that lenders take advantage of first-time buyers.

Housing decisions are increasingly driven by interest rate fluctuations. Roughly 49% of all homeowners with mortgages say that rates have impacted their housing decisions. When choosing the ideal conditions for moving, 58% of homeowners prioritize low mortgage rates, while 42% prefer low home prices.

Broader Market Context

The reluctance to sell is compounded by rising property values. National home prices have increased by approximately 40% since before the pandemic. 30% of homeowners claim they are staying in their current homes because prices are too high.

This environment is the result of a significant shift in borrowing costs. Mortgage rates rose from just under 4% in 2019 to an average of 6.91% in 2024, contributing to the 18% of homeowners who explicitly state they do not want to give up their low mortgage rates.

A report released on April 8, 2026, by Detroit-based mortgage broker Best Interest Financial and St. Louis-based real estate company Clever Real Estate indicates that 35% of homeowners with a mortgage rate below 6% would not give up their current rate for any reason.

The findings highlight a significant “lock-in” effect in the housing market, where homeowners are reluctant to move due to the disparity between their existing rates and current market levels. This trend is most pronounced among those with the lowest rates; 52% of homeowners with mortgages below 3% stated they would not give up their rate for any reason.

According to the report, 76% of mortgaged homeowners currently pay a rate under 6%. Nearly half of these individuals, or 47%, stated they couldn’t afford today’s rates.

Financial Stress and Rate Disparities

The data reveals a sharp contrast in financial stability and mental well-being between homeowners with low rates and those paying 6% or more. Approximately 41% of high-rate homeowners report feeling anxious about their mortgage, compared to 15% of those with rates below 6%.

Financial instability is more prevalent among borrowers with rates of 6% or higher, with 68% reporting that they do not expect their finances to remain stable over the duration of their mortgage. 60% of this group indicated they would be unable to comfortably make their mortgage payments if their income experienced any decrease.

The burden of higher interest rates has also impacted long-term financial planning. The report found that 44% of high-rate homeowners have reduced their retirement savings to afford their mortgage payments, while only 17% of those with rates under 6% have done the same.

10% of all homeowners identify mortgage payments as their single biggest financial stressor. Nearly half, or 45%, of those with rates of 6% or higher say their finances have worsened since they purchased their home.

Homeowner Regret and Market Sentiment

Mortgage dissatisfaction is widespread, with 52% of all homeowners expressing regrets about their mortgage. This figure increases to 75% among homeowners paying a rate of 6% or more.

The report also points to a perceived lack of transparency during the home-buying process. Specifically, 59% of homeowners felt uninformed when they purchased their homes, and 63% believe that lenders take advantage of first-time buyers.

Housing decisions are increasingly driven by interest rate fluctuations. Roughly 49% of all homeowners with mortgages say that rates have impacted their housing decisions. When choosing the ideal conditions for moving, 58% of homeowners prioritize low mortgage rates, while 42% prefer low home prices.

Broader Market Context

The reluctance to sell is compounded by rising property values. National home prices have increased by approximately 40% since before the pandemic. 30% of homeowners claim they are staying in their current homes because prices are too high.

This environment is the result of a significant shift in borrowing costs. Mortgage rates rose from just under 4% in 2019 to an average of 6.91% in 2024, contributing to the 18% of homeowners who explicitly state they do not want to give up their low mortgage rates.