The share of mortgaged U.S. homeowners with rates of 6% or higher rose to 19.7% in Q2 2025, the highest level since 2015, according to a new analysis from real estate brokerage Redfin. With the weekly average mortgage rate holding above 6% since September 2022, the share has steadily climbed, increasing by 0.8 to 1.4 percentage points each quarter for the past two years. 

Redfin’s analysis of Federal Housing Finance Agency National Mortgage Database data highlights how Americans are adjusting to the era of higher borrowing costs. The share of mortgages below 3% dropped to 20.4% in Q2, down from a peak of 24.6% in Q1 2021, while loans with rates under 6% now represent 80.3% of the market, compared with 92.7% three years ago. 

“More homeowners are deciding it’s worth moving even if it means giving up a lower mortgage rate,” said Chen Zhao, Redfin’s head of economics research. “Life doesn’t stand still—people get new jobs, grow their families, downsize after retirement, or simply want to live in a different neighborhood. Those needs are starting to outweigh the financial benefit of clinging to a rock-bottom mortgage rate.” 

Redfin economists expect mortgage rates to remain in the 6–7% range over the next 12 months, setting the stage for more homes to come onto the market, giving buyers more options than in recent years.