51% of Americans said they wouldn’t buy a house this year at any mortgage rate

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Five years after the pandemic-era housing boom, U.S. homeowners appear more reluctant than ever to re-enter the market, according to Bankrate’s 2025 Mortgage Rates Sentiment Survey. The survey found that 51% of homeowners would be uncomfortable buying another home at any mortgage rate this year, a 13-point increase from 2024. Similarly, 54% said there is no mortgage rate at which they would feel comfortable selling their home, up 12 points from last year. This reflects the persistence of the so-called lock-in effect, where homeowners with historically low mortgage rates hesitate to move given today’s much higher borrowing costs.

Greg McBride, CFA and chief financial analyst for Bankrate, noted that buyers and sellers have reluctantly adjusted to rates that haven’t fallen below 6% in nearly three years. “While many would-be buyers are holding out for lower mortgage rates, what constitutes ‘lower’ has evolved,” he said, pointing out that people who once hoped for 3–4% mortgage rates would now welcome something in the 5% range. Still, the survey shows that sentiment remains cautious: 40% of homeowners said rates would need to drop below 6% for them to consider buying this year, only 1% said they would buy at 6% or higher, and 8% were unsure.

The survey also highlighted that more than half (55%) of American adults—not just homeowners—said they wouldn’t feel comfortable buying a home this year regardless of mortgage rates. Another 32% said they would only buy if rates dipped below 6%. On the selling side, just 3% of homeowners said they’d feel comfortable selling with mortgage rates at 6% or higher, and interest in refinancing is almost nonexistent, with less than 1% of homeowners saying they’d refinance at current levels.

Taken together, the results underscore how today’s elevated mortgage rates have reshaped homeowner behavior. Many who locked in ultra-low rates during the pandemic remain unwilling to trade them for today’s higher costs, even if that means delaying a move or sitting out the market altogether. For those paying less than 3% on their mortgage, 41% said they wouldn’t consider buying again at any rate this year. Even among those with higher rates—5% or more—28% still said they wouldn’t buy another home under any circumstances in 2025. The data reinforces how affordability challenges and lingering financial caution continue to weigh heavily on the housing market.