With the recent discussion about a lack of for-sale inventory, a new report from Redfin remind us that more than nine of every 10 (91.8%) U.S. homeowners with mortgages have an interest rate below 6%. That figure is down slightly from the record high of 92.9% hit in mid-2022. However, they say with rates currently around 7% many homeowners simply aren’t moving, which is intensifying a shortage of homes for sale.
“…well over 92% of homeowners with mortgages have mortgage rates below the current weekly average of 6.71%, which is near the highest level in over 20 years. Homeowners holding onto their comparatively low mortgage rates is the main reason for today’s major shortage of new listings.”
Click here to read the full report at Redfin.