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Published: Sep 21, 2022 3 min read
Photo collage of a house with a  Not For Sale  sign
Money; Getty Images

Homeowners are increasingly reluctant to put up the for-sale sign.

Despite two-plus years of home price growth, new home listings are slumping. Why? Experts say, a key reason is that the vast majority of current homeowners have mortgage rates well below today’s 6% level.

Millions of homeowners locked in favorable rates by purchasing homes or refinancing existing mortgages when rates were super-low in 2020 and 2021. As a result, a whooping 85% of homeowners with mortgages now have interest rates below 5%, according to a Redfin report.