{"id":74191,"date":"2022-04-19T05:00:48","date_gmt":"2022-04-19T12:00:48","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74191"},"modified":"2022-04-18T16:00:07","modified_gmt":"2022-04-18T23:00:07","slug":"homeowners-stay-put-as-mortgage-rates-rise","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homeowners-stay-put-as-mortgage-rates-rise\/","title":{"rendered":"Nearly One-Third of Homeowners Have a Mortgage Rate Far Below Today\u2019s Level, Prompting Some to Stay Put"},"content":{"rendered":"

With mortgage rates surging, some homeowners who would otherwise be selling are staying put, as moving could mean losing their ultra-low rate and getting stuck with a heftier housing bill.<\/span><\/i><\/h2>\n

About half (51%) of U.S. homeowners with mortgages have a mortgage rate under 4%\u2014substantially below today\u2019s level of 5%. About one-third (32%) of <\/span>all <\/span><\/i>homeowners\u2014including those without mortgages\u2014have a mortgage rate under 4%. With rates now at their <\/span>highest<\/span><\/a> level in over a decade, many of these homeowners may be incentivized to stay put because <\/span>selling their home and buying another could mean giving up their ultra-low mortgage rate and increasing their monthly housing bill. This may be contributing to a <\/span>decline<\/span><\/a> in home listings.<\/span><\/p>\n

That\u2019s according to a Redfin analysis of Federal Housing Finance Agency (<\/span>FHFA<\/span><\/a>) data from the fourth quarter of 2021\u2014the most recent period for which data was available. This report covers roughly 80 million owner-occupied U.S. households, of which about two-thirds (62%) have an outstanding mortgage. We refer to these households as \u201chomeowners\u201d throughout this analysis. The average mortgage rate was 4.2% as of the fourth quarter. \"\"<\/span><\/p>\n

Mortgage rates have surged as the government seeks to combat inflation. The <\/span>average 30-year fixed mortgage rate hit <\/span>5%<\/span><\/a> for the first time since 2011 during the week ending April 14, up from a record low of 2.65% in January 2021. That has helped push the typical homebuyer\u2019s monthly mortgage payment to a record high of <\/span>$2,288<\/span><\/a>, up 35% from about a year ago.<\/span><\/p>\n

Redfin economists are watching closely to see whether the rise in mortgage rates has a measurable impact on housing supply, which is already at historically low levels. New listings <\/span>fell<\/span><\/a> 7% year over year during the four weeks ending April 10. By comparison, they were only down 1% at the end of February, before mortgage rates skyrocketed.<\/span><\/p>\n

\u201cHigher mortgage rates may already be putting a damper on home listings, but they\u2019re also curbing the insatiable homebuyer demand for those listings,\u201d Redfin Deputy Chief Economist <\/span>Taylor Marr<\/span><\/a> said. \u201cThat slowdown in demand may cause homes to stay on the market longer, in effect giving buyers more options to choose from. Overall, that could mean housing inventory actually gets better, not worse.\u201d<\/span><\/p>\n

There are already early signs that demand is starting to back off. Home sellers are increasingly <\/span>cutting<\/span><\/a> their list prices to find buyers, and <\/span>Redfin has seen a <\/span>drop<\/span><\/a> in buyers requesting service from its agents in pricey coastal markets.<\/span> Mortgage purchase applications <\/span>fell<\/span><\/a> 6% year over year during the week ending April 8, and home-touring activity is below last year\u2019s levels.<\/span><\/p>\n

This slowdown in demand is likely another reason some sellers are staying put, as they\u2019re worried they\u2019ll no longer be able to get top-dollar for their homes. With rents <\/span>on the rise<\/span><\/a>, many homeowners are opting to rent out their properties instead of sell\u2014another way for them to hold onto their low mortgage rates. Americans are also <\/span>staying<\/span><\/a> in their homes for longer in general; <\/span>the typical U.S. homeowner in 2021 had spent 13.2 years in their home, up from 10.1 years in 2012.<\/span><\/p>\n

Utah, Colorado Have Highest Share of Homeowners With Mortgage Rates Significantly Below Today\u2019s Level<\/span><\/h3>\n

In Utah, 46% of homeowners had a mortgage rate below 4% as of the fourth quarter of 2021\u2014a higher share than any other state. Next came Colorado (43%), Washington, D.C. (42%), California (40%) and Washington (40%). The list is slightly different when looking only at homeowners with outstanding mortgages. The top spot is still held by Utah, where 65% of mortgage holders had a rate below 4%, but next came South Dakota, Colorado, North Dakota, Washington and Idaho\u2014all at roughly 60%.<\/span><\/p>\n

Meanwhile, just 18% of total homeowners in West Virginia had a mortgage rate below 4%\u2014the lowest share in the country. It was followed by Mississippi (22%), Louisiana (23%), New Mexico (24%) and Oklahoma (24%). West Virginia also had the lowest share of <\/span>mortgage holders <\/span><\/i>(39%) with rates below 4%. Next came New York, Florida, Mississippi, Louisiana and Oklahoma, all at about 44%.<\/span><\/p>\n

Redfin agents say the rise in mortgage rates is having varying impacts on homeowners, causing some to stay put, but others to list their homes more quickly.\u00a0<\/span><\/p>\n

In Salt Lake City<\/a>, the rise in mortgage rates is exacerbating a phenomenon that was already prompting many homeowners to stay put, according to<\/span> Ryan Aycock<\/span><\/a>, Redfin\u2019s market manager in the Utah capitol.\u00a0<\/span><\/p>\n

\u201cMany homeowners haven\u2019t been selling because housing prices have surged so much, they\u2019re worried they won\u2019t be able to find a replacement home,\u201d he said. \u201cThe rise in prices has helped homeowners build equity, but often not enough to afford the house they want next, and higher mortgage rates are now making that next home even more unaffordable.\u201d<\/span><\/p>\n

Aycock knows of one homeowner who bought a Salt Lake City house <\/span>for $235,000 in 2015, and was recently planning to sell, but chose not to even though their home is now worth about $650,000. They opted to remodel instead because their current home has a mortgage rate of just 2.4%, and they don’t feel the equity in their current home is sufficient to cover the $850,000 to $1 million replacement home they want next\u2014especially with today’s higher mortgage rates.<\/span><\/p>\n

In Phoenix<\/a>, Redfin agent <\/span>Heather Mahmood-Corley<\/span><\/a> has noticed a different trend: homeowners feeling <\/span>more<\/span><\/i> urgency to sell.<\/span><\/p>\n

\u201cMany homeowners want to sell now because they\u2019re concerned that if rates keep going up, it will hurt homebuyer demand and they\u2019ll have to drop their price,\u201d she said. \u201cRising rates are always a shock at first, but people still have to move. Some sellers will have to adjust their expectations and understand they may not be able to afford the same house they could have two years ago.\u201d<\/span><\/p>\n

State-Level Summary: Fourth Quarter 2021<\/span><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
State<\/b><\/td>\nShare of total homeowners with mortgage rates below 4%<\/b><\/td>\nShare of mortgage holders with mortgage rates below 4%\u00a0<\/b><\/td>\nShare of properties without a mortgage<\/b><\/td>\n<\/tr>\n
Alabama<\/span><\/td>\n26%<\/span><\/td>\n47%<\/span><\/td>\n44%<\/span><\/td>\n<\/tr>\n
Alaska<\/span><\/td>\n34%<\/span><\/td>\n55%<\/span><\/td>\n38%<\/span><\/td>\n<\/tr>\n
Arizona<\/span><\/td>\n34%<\/span><\/td>\n53%<\/span><\/td>\n37%<\/span><\/td>\n<\/tr>\n
Arkansas<\/span><\/td>\n26%<\/span><\/td>\n47%<\/span><\/td>\n46%<\/span><\/td>\n<\/tr>\n
California<\/span><\/td>\n40%<\/span><\/td>\n58%<\/span><\/td>\n30%<\/span><\/td>\n<\/tr>\n
Colorado<\/span><\/td>\n43%<\/span><\/td>\n61%<\/span><\/td>\n29%<\/span><\/td>\n<\/tr>\n
Connecticut<\/span><\/td>\n33%<\/span><\/td>\n50%<\/span><\/td>\n33%<\/span><\/td>\n<\/tr>\n
Delaware<\/span><\/td>\n31%<\/span><\/td>\n48%<\/span><\/td>\n35%<\/span><\/td>\n<\/tr>\n
Florida<\/span><\/td>\n25%<\/span><\/td>\n44%<\/span><\/td>\n43%<\/span><\/td>\n<\/tr>\n
Georgia<\/span><\/td>\n31%<\/span><\/td>\n47%<\/span><\/td>\n35%<\/span><\/td>\n<\/tr>\n
Hawaii<\/span><\/td>\n34%<\/span><\/td>\n53%<\/span><\/td>\n36%<\/span><\/td>\n<\/tr>\n
Idaho<\/span><\/td>\n37%<\/span><\/td>\n58%<\/span><\/td>\n36%<\/span><\/td>\n<\/tr>\n
Illinois<\/span><\/td>\n32%<\/span><\/td>\n50%<\/span><\/td>\n37%<\/span><\/td>\n<\/tr>\n
Indiana<\/span><\/td>\n32%<\/span><\/td>\n49%<\/span><\/td>\n35%<\/span><\/td>\n<\/tr>\n
Iowa<\/span><\/td>\n33%<\/span><\/td>\n55%<\/span><\/td>\n40%<\/span><\/td>\n<\/tr>\n
Kansas<\/span><\/td>\n30%<\/span><\/td>\n51%<\/span><\/td>\n41%<\/span><\/td>\n<\/tr>\n
Kentucky<\/span><\/td>\n27%<\/span><\/td>\n47%<\/span><\/td>\n43%<\/span><\/td>\n<\/tr>\n
Louisiana<\/span><\/td>\n23%<\/span><\/td>\n44%<\/span><\/td>\n48%<\/span><\/td>\n<\/tr>\n
Maine<\/span><\/td>\n29%<\/span><\/td>\n48%<\/span><\/td>\n39%<\/span><\/td>\n<\/tr>\n
Maryland<\/span><\/td>\n38%<\/span><\/td>\n52%<\/span><\/td>\n28%<\/span><\/td>\n<\/tr>\n
Massachusetts<\/span><\/td>\n38%<\/span><\/td>\n56%<\/span><\/td>\n32%<\/span><\/td>\n<\/tr>\n
Michigan<\/span><\/td>\n29%<\/span><\/td>\n49%<\/span><\/td>\n40%<\/span><\/td>\n<\/tr>\n
Minnesota<\/span><\/td>\n38%<\/span><\/td>\n57%<\/span><\/td>\n34%<\/span><\/td>\n<\/tr>\n
Mississippi<\/span><\/td>\n22%<\/span><\/td>\n44%<\/span><\/td>\n50%<\/span><\/td>\n<\/tr>\n
Missouri<\/span><\/td>\n31%<\/span><\/td>\n51%<\/span><\/td>\n39%<\/span><\/td>\n<\/tr>\n
Montana<\/span><\/td>\n32%<\/span><\/td>\n58%<\/span><\/td>\n44%<\/span><\/td>\n<\/tr>\n
Nebraska<\/span><\/td>\n34%<\/span><\/td>\n57%<\/span><\/td>\n41%<\/span><\/td>\n<\/tr>\n
Nevada<\/span><\/td>\n34%<\/span><\/td>\n50%<\/span><\/td>\n33%<\/span><\/td>\n<\/tr>\n
New Hampshire<\/span><\/td>\n34%<\/span><\/td>\n53%<\/span><\/td>\n35%<\/span><\/td>\n<\/tr>\n
New Jersey<\/span><\/td>\n33%<\/span><\/td>\n50%<\/span><\/td>\n34%<\/span><\/td>\n<\/tr>\n
New Mexico<\/span><\/td>\n24%<\/span><\/td>\n44%<\/span><\/td>\n47%<\/span><\/td>\n<\/tr>\n
New York<\/span><\/td>\n26%<\/span><\/td>\n43%<\/span><\/td>\n40%<\/span><\/td>\n<\/tr>\n
North Carolina<\/span><\/td>\n31%<\/span><\/td>\n49%<\/span><\/td>\n37%<\/span><\/td>\n<\/tr>\n
North Dakota<\/span><\/td>\n32%<\/span><\/td>\n60%<\/span><\/td>\n47%<\/span><\/td>\n<\/tr>\n
Ohio<\/span><\/td>\n29%<\/span><\/td>\n47%<\/span><\/td>\n38%<\/span><\/td>\n<\/tr>\n
Oklahoma<\/span><\/td>\n24%<\/span><\/td>\n44%<\/span><\/td>\n45%<\/span><\/td>\n<\/tr>\n
Oregon<\/span><\/td>\n37%<\/span><\/td>\n55%<\/span><\/td>\n34%<\/span><\/td>\n<\/tr>\n
Pennsylvania<\/span><\/td>\n28%<\/span><\/td>\n47%<\/span><\/td>\n40%<\/span><\/td>\n<\/tr>\n
Rhode Island<\/span><\/td>\n34%<\/span><\/td>\n51%<\/span><\/td>\n32%<\/span><\/td>\n<\/tr>\n
South Carolina<\/span><\/td>\n27%<\/span><\/td>\n47%<\/span><\/td>\n42%<\/span><\/td>\n<\/tr>\n
South Dakota<\/span><\/td>\n34%<\/span><\/td>\n61%<\/span><\/td>\n45%<\/span><\/td>\n<\/tr>\n
Tennessee<\/span><\/td>\n29%<\/span><\/td>\n49%<\/span><\/td>\n41%<\/span><\/td>\n<\/tr>\n
Texas<\/span><\/td>\n26%<\/span><\/td>\n46%<\/span><\/td>\n43%<\/span><\/td>\n<\/tr>\n
Utah<\/span><\/td>\n46%<\/span><\/td>\n65%<\/span><\/td>\n30%<\/span><\/td>\n<\/tr>\n
Vermont<\/span><\/td>\n31%<\/span><\/td>\n50%<\/span><\/td>\n38%<\/span><\/td>\n<\/tr>\n
Virginia<\/span><\/td>\n38%<\/span><\/td>\n55%<\/span><\/td>\n32%<\/span><\/td>\n<\/tr>\n
Washington<\/span><\/td>\n40%<\/span><\/td>\n58%<\/span><\/td>\n32%<\/span><\/td>\n<\/tr>\n
Washington, D.C.<\/span><\/td>\n42%<\/span><\/td>\n56%<\/span><\/td>\n24%<\/span><\/td>\n<\/tr>\n
West Virginia<\/span><\/td>\n18%<\/span><\/td>\n39%<\/span><\/td>\n53%<\/span><\/td>\n<\/tr>\n
Wisconsin<\/span><\/td>\n36%<\/span><\/td>\n57%<\/span><\/td>\n37%<\/span><\/td>\n<\/tr>\n
Wyoming<\/span><\/td>\n33%<\/span><\/td>\n58%<\/span><\/td>\n42%<\/span><\/td>\n<\/tr>\n
\u00a0 National<\/b><\/td>\n32%<\/b><\/td>\n51%<\/b><\/td>\n38%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Methodology<\/span><\/h3>\n

This report is based on a Redfin analysis of fourth quarter 2021 data from the FHFA\u2019s <\/span>National Mortgage Database<\/span><\/a>, which is a <\/span>nationally representative 5% sample of residential mortgages in the U.S. The fourth quarter is the most recent period for which the database has data on outstanding mortgages. <\/span>We define a homeowner with a mortgage rate substantially below current levels as one who had a rate below 4% as of the fourth quarter.\u00a0<\/span><\/p>\n

The FHFA\u2019s outstanding mortgages dataset includes data on the share of residential mortgages with rates below 4%. To calculate the share of <\/span>all<\/span><\/i> homeowners\u2014with and without mortgages\u2014with rates below 4%, Redfin applied the FHFA data to the roughly 80.3 million owner-occupied households we estimate existed in the U.S. in 2021. That estimate is based on 2016-2020 American Community Survey data on owner-occupied households. We applied to it the growth rate from the additional number of households with a mortgage found in the 2021 FHFA data when compared to the same figure in the 2016-2020 Census data.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

With mortgage rates surging, some homeowners who would otherwise be selling are staying put, as moving could mean losing their ultra-low rate and getting stuck with a heftier housing bill. About half (51%) of U.S. homeowners with mortgages have a mortgage rate under 4%\u2014substantially below today\u2019s level of 5%. About one-third (32%) of all homeowners\u2014including […]<\/p>\n","protected":false},"author":13346,"featured_media":74192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,60,8],"tags":[9,36,20],"dashboard":[],"coauthors":[125,93],"class_list":["post-74191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-coronavirus-housing-market-news","category-housing-market-news","tag-coronavirus","tag-economics","tag-housing-affordability"],"acf":[],"yoast_head":"\nThe Rise in Mortgage Rates Is Deterring Some Homeowners From Selling<\/title>\n<meta name=\"description\" content=\"Half of mortgage holders have a rate significantly below today\u2019s level of 5%. 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