The 5% Mortgage Rate: A Catalyst for Unlocking Housing Supply
Recently, as of July 2023, the housing market has witnessed an unusual phenomenon: a tipping point. Right now, many homeowners are teetering on the edge between deciding to stay put and venturing to sell one’s property. For many homeowners, the magic number helping them determine if they should stay or go is a 5% mortgage rate. According to a recent Zillow survey, a staggering 38% of individuals with a mortgage rate of 5% or more are considering selling their homes. This figure contrasts sharply with the 21% who reported the same but held rates below this crucial 5% threshold.
