Rate-locked homeowners still reluctant to sell
While most homeowners with low mortgage rates say they plan to stay put, surveys suggest lifestyle shifts and affordability concerns may eventually drive more listings.
Most homeowners sitting on sub-6% mortgages aren't going anywhere soon — but the picture isn't entirely bleak for inventory-starved markets.
The lock-in Is real. About three-quarters of mortgage holders carry rates below 6%, and they're holding tight. Roughly half are unwilling to give up their rate, and more than a third say nothing would make them walk away. Among those with rates under 3%, that number climbs to more than half. To consider listing, two in five would need rates to drop below 4% — and one in five wouldn't move without rates under 3%.
But some will move. Despite the rate pressure, one in ten surveyed plan to move within two years — drawn by lifestyle changes, downsizing or lower-tax markets. A separate survey found nearly a third of homeowners expect to move within five years. Younger generations are far more mobile: nearly half of Gen Z and millennial homeowners want to move soon, compared to fewer than one in five baby boomers.
Regret is a factor. Buyer remorse may eventually loosen the logjam. About half of all mortgage holders regret their loan terms, rising to three-quarters among those locked into rates above 6%. Among homeowners actively planning a move, two-thirds say they regret their current purchase — with affordability and high rates cited as top reasons.
Source: Clever Real Estate/Best Interest Financial survey; Hippo Housing Forecast 2026
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