Other drivers of moving include proximity to family (22%) and dissatisfaction with their current city or state (17%). Political climate (6%) and difficult roommate situations (10%) also played a role for some respondents.
Meanwhile, more homeowners are choosing to move, even if it means losing their 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,” Chen Zhao, Redfin’s head of economics research, said.
A new Redfin analysis found that nearly 20% of homeowners now have mortgage rates at or above 6%—the highest share since 2015. At the same time, just over half of homeowners have rates below 4%, down from almost two-thirds in early 2022.
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