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Homeowners With Rates Above 5% Twice as Likely to Sell, Per Report

  • August 2nd 2023

by UrbanTurf Staff

Mortgage rates chart_07-27-23.png

In news that will likely come as unsurprising to the UrbanTurf readership, a new survey highlights that homeowners with higher mortgage rates are much more inclined to sell and those with low rates.

The survey out from Zillow this week finds that owners with mortgage rates above 5% are twice as likely to sell as those with sub-5% rates. 

"These homeowners face no or relatively little financial disincentive to trading their current mortgage for a new one," Zillow stated. "In fact, of homeowners who reported plans to sell, 47% of homeowners paying a mortgage above 5% already have their house listed 'for sale' compared to 20% of those with rates below."

In better news, the survey finds that about 1 in 4 homeowners plan to sell in the next three years, up from 15% a year ago.  

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/homeowners_with_rates_above_5_twice_as_likely_to_sell_per_report/21329.

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