Homeowners with low mortgage rates won't sell

A significant portion of homeowners, over a third, with mortgage rates below 6% are unwilling to relinquish their current favorable rates. Nearly half of these homeowners indicated they would not trade their rate under any circumstances. This data suggests a strong 'lock-in' effect, where existing low-cost mortgages are deterring homeowners from moving or refinancing, even if market conditions might otherwise encourage such actions. This trend has implications for the housing market, potentially reducing inventory and slowing down transaction volumes as homeowners prioritize rate security.