Over 7 in 10 mortgage holders don’t want to lose their current mortgage rate 

Key insights from a survey of 1,297 Americans with mortgage*: 

• Over one in four (26%) mortgage holders currently have a mortgage interest rate between 3.00% and 3.99%.
• Nearly three quarters (74%) of mortgage holders agree they don’t want to lose their current mortgage rate.
• Almost nine in ten (88%) believe home prices are too high, and 82% believe mortgage rates are too high.
• About three in five mortgage holders (57%) report an emotional attachment to their current home.
• Nearly three in ten (28%) believe they currently have $50,000 to $149,999 in home equity.
• Despite rising real estate values, almost seven in ten (69%) mortgage holders haven’t tapped into their home equity in the past two years nor considered doing so.
• Only 17% have taken out—or have considered taking out—a Home Equity Line of Credit (HELOC) or completed a cash-out refinance.

Staying put: Mortgage rate gaps create reluctant homeowners

About one in five (22%) U.S. mortgage holders have historically low rates below 3.00% (Figure 1). Currently, the average 30-year fixed mortgage rate remains near 7%.¹

With current rates more than double the average mortgage holder’s rate, it’s no surprise that 74% are hesitant to give up their existing terms. Over four in five (82%) agree that mortgage rates are too high.

High costs, low mobility: The new reality for mortgage holders

Almost nine in ten (88%) mortgage holders believe home prices are too high (Figure 2). Home prices remain above pre-pandemic levels, driven primarily by a lack of supply and the so-called “rate lock effect.”² Moreover, three in four (75%) mortgage holders believe that moving costs are too expensive.

Only about one in five (21%) mortgage-holders are considering moving or selling their home. Americans simply don’t move as much as they used to—the share of people who relocate each year has steadily declined from around 20% in 1985 to less than 10% in 2025.³ Nearly seven in ten (68%) say they don’t want to pay a broker fee if they sell their home. Another important factor: more than half (57%) report being emotionally attached to their current home.

Home equity

American homeowners with mortgages—who account for roughly 62% of all properties—saw their home equity increase by $425 billion since the third quarter of 2023, a 2.5% year-over-year gain.⁴ This brought total net homeowner equity to over $17.5 trillion in the third quarter of 2024.⁵ Some 62% of those with a mortgage believe they have less than $300,000 in their home, and 8% estimate their home equity is over $500,000. 

Figure 3: About three in five mortgage holders estimate they have less than $300k in home equity

Question: How much home equity do you believe you currently have? Source: Empower “Mortgage Survey”, July 2025.

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Home equity as a safety net

Some 40% of Americans with mortgages are confident that their home equity will support their long-term financial goals (Figure 4).

Figure 4: Two in five (40%) mortgage holders are confident that their home equity will help support their long-term financial goals

Question: To what extent do you agree or disagree with the following statement? – I am confident that my home equity will support my long-term financial goals (e.g., retirement, saving for travel, etc.). Source: Empower “Mortgage Survey”, July 2025.

*Methodology

Empower’s “Mortgage Survey” is based on online survey responses from 1,297 adults with a mortgage. The survey was fielded between June 9, 2025, and July 8, 2025. The figures have been weighted and are representative of all U.S. adults.