US homeowners are nearly twice as willing to sell if their mortgage rate is 5% or higher, but just one in five mortgaged homes meet that criteria.
Existing-home sales have fallen almost every month since the start of last year as higher mortgage rates disincentivize owners from moving. Prospective buyers have sought out new construction instead since inventory on the resale market is so low. Mortgage rates “are unlikely to return to 5% in the near future,” said Orphe Divounguy, a senior economist at Zillow Home Loans. “That means many homeowners will move only for major life events, like a new baby or retirement.”
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