{"id":82397,"date":"2025-09-29T05:00:10","date_gmt":"2025-09-29T12:00:10","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82397"},"modified":"2025-09-26T15:42:25","modified_gmt":"2025-09-26T22:42:25","slug":"rate-lock-q2-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rate-lock-q2-2025\/","title":{"rendered":"Share of Mortgages with Rates Above 6% Climbs to 10-Year High as Americans Adapt to New Normal"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">80.3% of mortgaged U.S. homeowners have a rate below 6%, down from a record 92.7% in the second quarter of 2022.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Just over half (52.5%) of mortgaged homeowners have a rate below 4%, down from 65.1% in 2022.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Increased housing supply shows that the mortgage rate lock-in effect is easing, but many buyers are still waiting for rates to drop to 6% or below to make a move.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The share of mortgaged U.S. homeowners with a rate of at least 6% rose to 19.7% in the second quarter, the highest level since 2015.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And with the weekly average mortgage rate fluctuating <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">above 6%<\/span><\/a><span style=\"font-weight: 400;\"> since September 2022, that share is growing steadily\u2014rising between 0.8ppts and 1.4ppts each quarter for the past two years.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-spvxF\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Share of U.S. Homeowners With Loans Above 6% is Growing Steadily\" src=\"https:\/\/datawrapper.dwcdn.net\/spvxF\/1\/\" height=\"454\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of data from the Federal Housing Finance Agency\u2019s National Mortgage Database through the second quarter of 2025, the most recent period for which data is available.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates have bounced around between 6-7% for most of 2025, reaching a low of 6.13% last month ahead of the Federal Reserve\u2019s interest-rate cut. As of Friday, they had risen back to <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">6.38%<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> and Redfin economists expect them to stay in the 6-7% range over the next 12 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many people took advantage of historically low mortgage rates during the 2020-2022 pandemic housing boom, with existing home sales climbing to the <\/span><a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/existing-home-sales\"><span style=\"font-weight: 400;\">highest level<\/span><\/a><span style=\"font-weight: 400;\"> in more than a decade and at least <\/span><a href=\"https:\/\/libertystreeteconomics.newyorkfed.org\/2023\/05\/the-great-pandemic-mortgage-refinance-boom\/\"><span style=\"font-weight: 400;\">one-third<\/span><\/a><span style=\"font-weight: 400;\"> of mortgages being refinanced. That led to the post-pandemic \u201clock-in effect,\u201d where homeowners chose to stay put instead of buying another home at a much higher rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But Americans are slowly growing accustomed to elevated mortgage rates, with the share of sub-3% mortgages dropping to 20.4% in the second quarter, down from a peak of 24.6% in the first quarter of 2021. And the share of mortgages with a rate below 6% has dropped to 80.3%, down from 92.7% three years ago.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-ELNFo\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"80% of U.S. Mortgage Holders Have an Interest Rate Below 6%\" src=\"https:\/\/datawrapper.dwcdn.net\/ELNFo\/2\/\" height=\"465\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Stacked column chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">, Redfin\u2019s head of economics research, said the slight easing of the lock-in effect this year has been highlighted by an increase in inventory, with the number of homes for sale returning to pre-pandemic <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\"><span style=\"font-weight: 400;\">levels<\/span><\/a><span style=\"font-weight: 400;\"> in many areas of the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMore homeowners are deciding it\u2019s worth moving even if it means giving up a lower mortgage rate,\u201d she said. \u201cLife doesn\u2019t stand still\u2014people get new jobs, grow their families, downsize after retirement, or simply want to live in a different neighborhood. Those needs are starting to outweigh the financial benefit of clinging to a rock-bottom mortgage rate. As a result, more homes are hitting the market than we\u2019ve seen in years, giving buyers a wider range of choices.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase in homes for sale and recent dip in rates, however, has <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-rates-fall\/\"><span style=\"font-weight: 400;\">not yet<\/span><\/a><span style=\"font-weight: 400;\"> led to a major uptick in sales\u2014with buyers remaining on the sidelines.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cA lot of people want to buy and they\u2019re just hanging around waiting,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/mariah-okeefe\"><span style=\"font-weight: 400;\">Mariah O\u2019Keefe<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier real estate agent in Seattle. \u201cRates have not gone down significantly enough to move the needle\u2014prospective buyers need to see a bigger difference in their potential monthly payment before things are going to change. If rates tick down below 6%, that will bring a lot of people back into the market.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the 19.7% of homeowners with mortgage rates at 6% or higher, <\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/is-now-a-good-time-to-refinance\"><span style=\"font-weight: 400;\">Rocket Mortgage<\/span><\/a><span style=\"font-weight: 400;\"> recommends they get in touch with a home loan expert, as it may already make sense for them to either refinance now, or when rates drop again.<\/span><\/p>\n<p><b>Here\u2019s the full breakdown of where today\u2019s homeowners fall on the mortgage-rate spectrum:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below 6%<\/b><span style=\"font-weight: 400;\">: 80.3% of mortgaged U.S. homeowners have a rate below 6%, down from a record 92.7% in the second quarter of 2022.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below 5%<\/b><span style=\"font-weight: 400;\">: 70.4% have a rate below 5%, down from a record 85.6% in the first quarter of 2022.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below 4%<\/b><span style=\"font-weight: 400;\">: 52.5% have a rate below 4%, down from a record 65.1% in the first quarter of 2022.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below 3%<\/b><span style=\"font-weight: 400;\">: 20.4% have a rate below 3%, down from a record 24.6% in the first quarter of 2022.<\/span><\/li>\n<\/ul>\n<p><b>And another way to look at the data:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Greater than or equal to 6%<\/b><span style=\"font-weight: 400;\">: 19.7% of mortgaged homeowners have a rate greater than or equal to 6%, the highest share since Q4 2015.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>5%-5.99%<\/b><span style=\"font-weight: 400;\">: 9.5% have a rate of 5%-5.99%, the lowest share since Q3 2024.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>4%-4.99%<\/b><span style=\"font-weight: 400;\">: 17.9% have a rate of 4%-4.99%, the lowest share in records dating back to 2013.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>3%-3.99%<\/b><span style=\"font-weight: 400;\">: 32.1% have a rate of 3%-3.99%, the lowest share since Q3 2019.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below 3%<\/b><span style=\"font-weight: 400;\">: 20.4% have a rate below 3%, the lowest share since Q2 2021.<\/span><\/li>\n<\/ul>\n<h4><b>Methodology<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">This report is based on a Redfin analysis of data from the FHFA\u2019s<\/span> <a href=\"https:\/\/www.fhfa.gov\/DataTools\/Downloads\/Pages\/National-Mortgage-Database-Aggregate-Data.aspx\"><span style=\"font-weight: 400;\">National Mortgage Database<\/span><\/a><span style=\"font-weight: 400;\">, which is a nationally representative 5% sample of all first-lien, closed-end purchased or refinanced residential mortgages in the U.S. The second quarter of 2025 is the most recent period for which data on outstanding mortgages is available. We assume each loan represents a homeowner with a mortgage, though some homeowners may have multiple loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the prevailing mortgage rate for homebuyers often changes quickly, rates for existing homeowners don\u2019t typically change significantly from quarter to quarter, as most buyers take out 30-year mortgages. Roughly 60% of U.S. homeowners have an outstanding mortgage.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>80.3% of mortgaged U.S. homeowners have a rate below 6%, down from a record 92.7% in the second quarter of 2022. Just over half (52.5%) of mortgaged homeowners have a rate below 4%, down from 65.1% in 2022. Increased housing supply shows that the mortgage rate lock-in effect is easing, but many buyers are still [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":82399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","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":[8],"tags":[20,740,623],"dashboard":[],"coauthors":[682],"class_list":["post-82397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-mortgage-rates","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Share of Mortgages with Rates Above 6% Climbs to 10-Year High<\/title>\n<meta name=\"description\" content=\"The share of mortgaged U.S. homeowners with a rate of at least 6% rose to 19.7% in the second quarter, the highest level since 2015. And with the weekly average mortgage rate fluctuating above 6% since September 2022, that share is growing steadily\u2014rising between 0.8ppts and 1.4ppts each quarter for the past two years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/rate-lock-q2-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Share of Mortgages with Rates Above 6% Climbs to 10-Year High as Americans Adapt to New Normal\" \/>\n<meta property=\"og:description\" content=\"The share of mortgaged U.S. homeowners with a rate of at least 6% rose to 19.7% in the second quarter, the highest level since 2015. And with the weekly average mortgage rate fluctuating above 6% since September 2022, that share is growing steadily\u2014rising between 0.8ppts and 1.4ppts each quarter for the past two years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/rate-lock-q2-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-29T12:00:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/09\/artful-homes-_-mJjhpcS_g-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Worley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Worley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/\"},\"author\":{\"name\":\"Mark Worley\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/b27401b85d20cf494c7fe628d181b5d9\"},\"headline\":\"Share of Mortgages with Rates Above 6% Climbs to 10-Year High as Americans Adapt to New Normal\",\"datePublished\":\"2025-09-29T12:00:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/\"},\"wordCount\":841,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/artful-homes-_-mJjhpcS_g-unsplash-scaled.jpg\",\"keywords\":[\"Housing Affordability\",\"mortgage rates\",\"national\"],\"articleSection\":[\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/\",\"name\":\"Share of Mortgages with Rates Above 6% Climbs to 10-Year High\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/rate-lock-q2-2025\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/artful-homes-_-mJjhpcS_g-unsplash-scaled.jpg\",\"datePublished\":\"2025-09-29T12:00:10+00:00\",\"description\":\"The share of mortgaged U.S. homeowners with a rate of at least 6% rose to 19.7% in the second quarter, the highest level since 2015. 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