Homeowners Remain Locked in Place

Despite mortgage rates being at a two-year low, they’ll need to come down even further for homeowners to consider selling their homes, according to a recent report from housing market platform Realtor.com. In October 2023, mortgage rates peaked at a 23-year high of 7.79%. Last week, almost a year later, mortgage rates dropped to 6.08%. But even though this is the lowest rates have been since September 2022, many homeowners are still holding off on listing their homes for sale.

In the second quarter of 2024, from April through June, here’s where sellers stand:

• 21.6% of outstanding mortgages had an interest rate below 3%
• 34.6% had a rate between 3% and 4%
• 18.4% had a rate between 4% and 5%
• 9.6% had a rate between 5% and 6%
• 15.8% had a rate of 6% or greater

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