Share of US Mortgage Rates Above 6% Climbs to 10-Year High in Q2

Redfin reported that as of Q2, 19.7% of mortgaged US homeowners had rates of at least 6%, the highest share since 2015, according to Federal Housing Finance Agency data. The share has been rising steadily—by 0.8–1.4 percentage points each quarter—since mortgage rates began fluctuating above 6% in September 2022.

Mortgage rates have generally moved between 6–7% this year, dipping to 6.13% last month before the Federal Reserve’s interest-rate cut and rising back to 6.38% as of Friday. Redfin expects rates to remain in the 6–7% range over the next 12 months.

During the 2020–22 housing boom, many homeowners refinanced at record lows, with one-third of mortgages refinanced and sales hitting decade highs. That created a “lock-in effect,” where homeowners have chosen not to move rather than take on new loans at higher rates, Redfin explained.

In Q2, the share of sub-3% mortgages fell to 20.4%, down from 24.6% in 2021Q1. Overall, the share of mortgages with rates below 6% declined to 80.3%, compared with 92.7% three years ago.

Redfin’s Head of Economic Research, Chen Zhao, said:

“More homeowners are deciding it’s worth moving even if it means giving up a lower mortgage rate. Life doesn’t stand still—people get new jobs, grow their families, downsize after retirement, or simply want to live in a different neighborhood. Those needs are starting to outweigh the financial benefit of clinging to a rock-bottom mortgage rate. As a result, more homes are hitting the market than we’ve seen in years, giving buyers a wider range of choices.”