Redfin Reports 6 of Every 7 People With Mortgages Have an Interest Rate Below 6%
2024年8月27日 - 9:00PM
ビジネスワイヤ(英語)
The mortgage rate lock-in effect is prompting
many homeowners to stay put, contributing to America’s housing
shortage, but it’s starting to ease
(NASDAQ: RDFN) —Nationwide, 85.7% of U.S. homeowners with
mortgages have an interest rate below 6%, down from 90.6% at the
start of last year and a record high of 92.8% in mid-2022. That’s
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage.
This means even more than 85.7% of homeowners with mortgages
have a rate below the current weekly average of 6.46%, prompting
many to stay put instead of selling and buying another home at a
higher rate—a phenomenon called the “lock-in effect.”
Redfin analyzed data from the Federal Housing Finance Agency’s
National Mortgage Database as of the first quarter of 2024, the
most recent period for which data is available.
Here’s the full breakdown of where today’s homeowners fall on
the mortgage-rate spectrum:
- Below 6%: 85.7% of mortgaged U.S. homeowners have a rate
below 6%, down from a record 92.8% in the second quarter of
2022.
- Below 5%: 76.1% have a rate below 5%, down from a record
85.6% in the first quarter of 2022.
- Below 4%: 57.4% have a rate below 4%, down from a record
65.3% in the first quarter of 2022.
- Below 3%: 22% have a rate below 3%, down from a record
24.7% in the first quarter of 2022.
“I have a dozen or so homeowners who would like to sell, but
aren’t willing to give up their 3% interest rate for one that’s
more than twice as high,” said Blakely Minton, a Redfin Premier
real estate agent in Philadelphia. “Many of those sellers will list
if rates get back down to 5%.”
The lock-in effect is fueling a shortage of homes for sale; new
listings were at the lowest level in a year last month. But for
most people, it’s not realistic to stay put forever, which is why
the share of homeowners with rates below 6% is inching down. Some
homeowners are opting to bite the bullet and give up their low rate
in order to move. Many are selling because a major life event like
a job change or divorce has given them no other choice.
Another reason the share of locked-in homeowners has dipped:
Everyone who purchased a home in the last year was entering the
market at a time when the average mortgage rate was above 6%.
It’s worth noting that for some homeowners, the pandemic surge
in home values means they have enough equity to justify selling and
taking on a higher rate—especially if they’re downsizing or moving
somewhere more affordable. It’s also worth noting that while many
homeowners remain locked into their low mortgage rates, a rising
share of Americans are mortgage-free.
Mortgage rates have declined in recent weeks, causing homebuyer
mortgage payments to fall for the first time since 2020. The
current average weekly mortgage rate (6.46%) is the lowest in 15
months, but still significantly higher than the 2.65% record low
hit during the pandemic.
With inflation on the decline, the Federal Reserve is now
expected to start cutting interest rates at its next policy meeting
on September 18. But the size and pace will depend on incoming
economic data, particularly labor market data. Markets have now
priced in aggressive expectations for how quickly the Fed will cut.
If the Fed ends up cutting slower than markets anticipate, mortgage
rates may rise a bit.
To view the full report, including a chart and methodology,
please visit:
https://www.redfin.com/news/mortgage-rate-lock-in-housing-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240827757562/en/
Redfin Journalist Services: Ally Forsell, 206-588-6863
press@redfin.com
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