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The Upshot

A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up

On a scale not seen in decades, many Americans are stuck in homes they would rather leave.

Emily Badger and

April 15, 2024

Something deeply unusual has happened in the American housing market over the last two years, as mortgage rates have risen to around 7 percent.

Rates that high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping three points lower.

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Average fixed mortgage rates

Existing
mortgages

3.2-
point
gap

Rates on
new loans

Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.

2000

2005

2010

2015

2020

2023