Lots of people bought a home or refinanced their mortgage when mortgage interest rates were quite low!  

Three years ago (in mid 2022) over 60% of mortgage holders had mortgage interest rates below 4%... and only 7% had a rate above 6%! 

As mortgage interest rates for new purchases rose to 6% and then almost to 7%... all those mortgage holders (60%) of them with rates at or below 4% had very (very!) little interest in selling their homes to buy a new home.  After all, who would want to trade a rate below 4% to a new rate above 6%?

But... after a few years now, we're starting to see a shift.  

Let's look at the lowest and highest portion of rates at two points in time...

Mid-Year 2022:

• 24% of mortgages had a rate below 3%
• 7% of mortgages had a rate above 6%

But as of Mid-Year 2025:

• 20% of mortgages had a rate below 3%
• 20% of mortgages had a rate above 6%

As there are fewer and fewer remaining mortgages with rates below 3% (or below 4%) it will make the resale market a bit more fluid and flexible.  We may be starting to see this happen as the number of mortgages with rates below 3% and 4% continues to decline -- and as the number of mortgages with rates above 6% continues to increase.