The share of homeowners carrying mortgage rates above 6% has surpassed the share of those holding mortgages with rates below 3%, according to a new data report from Realtor.com.
Mortgage rates have been above 6% since September 2022 and peaked at 7.04% in January 2025. The 30-year fixed mortgage rate fell below 3% in July 2020 and largely stayed there through September 2021, marking the only period since data collection began in 1971 when rates dipped so low.
During the third quarter of 2025, 21.2% of outstanding mortgages carried interest rates of 6% or higher, compared to the 20.0% share with rates below 3%. Realtor.com noted that more than half (51.5%) of outstanding mortgages still have rates at or below 4%, while nearly 69% carry rates of 5% or lower. The new data report observed that the typical homeowner would see their monthly mortgage payment rise by nearly $1,000 if they sold and bought a median-priced home in today’s high-price, high-rate environment.
“Mortgage rates above 6% now represent a larger share of outstanding loans than the ultra-low rates that defined the pandemic-era housing boom,” said Danielle Hale, chief economist at Realtor.com. “This crossover reflects a gradual resetting as some households trade in low-rate mortgages for higher-rate loans or enter the market for the first time, even as rate lock-in continues to limit the pace of inventory recovery.”
