Report: Share of Homeowners With Sub 5% Mortgage Rate Shrinks Significantly

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Since 2022, 4 million mortgage borrowers have originated home loans with rates above 6.5%, with two million of these loans at rates exceeding 7%, the report found.

Home Economy

By Deborah Kearns

July 12, 2024

Reading Time: 2 mins read

The mortgage market has been going through a gradual change as it adjusts to higher-for-longer interest rates. With this shift, a rising tide of higher mortgage rates has reshaped the landscape and, notably, is creating a shrinking pool of homeowners with mortgage rates below 5%, according to the July ICE Mortgage Monitor Report.

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Deborah Kearns

Deborah Kearns is a freelance editor and writer with more than 15 years of experience covering real estate, mortgages and personal finance topics. Her work has appeared in The New York Times, Forbes Advisor, The Associated Press, MarketWatch, USA Today, MSN and HuffPost, among others. Deborah previously held editorial leadership and writing roles at NerdWallet, Bankrate, LendingTree and RE/MAX World Headquarters.