A new analysis from Rocket Companies Inc. reveals a significant shift in the U.S. housing market, as nearly one in five mortgaged homeowners now have an interest rate of at least 6%-the highest level since 2015. According to data from the Federal Housing Finance Agency's National Mortgage Database, 19.7% of U.S. homeowners with mortgages held rates above 6% in the second quarter, up steadily over the past two years as average mortgage rates have remained above 6% since September 2022. Despite the higher rates, inventory is increasing as more homeowners choose to move, even if it means giving up historically low mortgage rates secured during the pandemic. Redfin's head of economics research, Chen Zhao, notes that life changes and a desire for new housing are beginning to outweigh the financial benefits of staying put. However, the recent uptick in homes for sale and a slight dip in rates have yet to translate into a significant increase in home sales, as many buyers remain on the sidelines waiting for more substantial rate drops. Currently, 80.3% of homeowners with mortgages have rates below 6%, a decrease from 92.7% three years ago. Meanwhile, only 52.5% hold rates below 4%, reflecting a steady decline from the pandemic-era lows. Rocket Companies expects mortgage rates to remain within the 6-7% range over the next year, signaling a new normal for the housing market as Americans slowly adjust to higher borrowing costs.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Rocket Companies Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250929639244) on September 29, 2025, and is solely responsible for the information contained therein.
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