08/24/2026
A 3% mortgage rate is hard to walk away from.
A lot of homeowners have equity and could sell â but then what?
Trading a 3% mortgage for a 6%+ mortgage can mean a significantly higher payment, even without buying a much more expensive home.
So people stay put.
Thatâs part of whatâs happening in todayâs housing market. Itâs called the mortgage rate lock-in effect, and itâs one reason weâre seeing fewer homeowners willing to sell.
Of course, rates arenât the only factor. Home prices, taxes, insurance and inventory all matter too.
But for a homeowner sitting on a 3% mortgage?
Sometimes the question isnât âCan I afford to move?â
Itâs âDoes moving make financial sense?â
đĄ Would you give up a 3% mortgage rate to move into the house you really wanted?