Why More Homeowners Are Letting Go of Their Low Interest Rate

by Angela Goehring

For a long time, the thinking was:

“I’d move… but I don’t want to give up my 3% rate.”

Totally understandable. That low rate feels like a trophy.

But more and more homeowners are realizing something important:
a home that actually fits your life is worth more than any rate. And a lot of them are happy they didn’t wait. For the last few years, many sellers felt “locked in” by their low mortgage rate. They stayed put in homes that no longer fit, just to hang onto that number.

But if you look at the chart above, you’ll see what’s changing:

The percentage of mortgages over 6% has climbed steadily since 2022.
The share of loans under 3% has slowly shrunk over that same period.

Translation: people are moving, even if it means taking on a higher rate.

Why People Are Happy They Didn’t Wait

When you talk to homeowners who moved in 2024-2025, you hear the same themes:

1. Their daily life actually works now.
They finally have:

Enough bedrooms and bathrooms
A layout that fits remote work, kids, hobbies, or guests
Shorter drives to school, work, church, or family

They’re not tripping over each other in a house they outgrew three years ago.

2. They’re closer to what matters. People moved to be nearer to:

Grandkids or aging parents
A preferred school district
A community that feels like “their people”

That emotional ROI is something a low rate can’t touch.

3. They finally used their equity on purpose. Instead of just watching equity grow on paper, they:

Rolled it into a better-fitting home
Paid down other debt
Invested in a property that lines up with the next season of life (lake place, acreage, town home, etc.)

4. They know they can refinance later. Most didn’t love taking a higher rate. They did it anyway because the house was right, and they know if rates drop, refinancing is an option. In the meantime, they’re living the life they wanted instead of waiting on the sidelines.

If you’re in or around Ellendale, Oakes, Edgeley, Ashley, Kulm, Forman, or the surrounding areas, the real question may not be: “Should I give up my low rate?” It might be: “Is this house still serving my life, or am I staying just because of the rate?” If your home doesn’t fit your family, your commute, or your plans anymore, it may be worth at least seeing what a move could look like on paper.

If you’re curious (not committing, just curious), I can help you.
No pressure, no scare tactics. Just an honest look at whether it’s time to trade the “perfect” rate for a better-fitting home. Then give me a shout!

Why More Homeowners Are Letting Go of Their Low Interest Rate

Why People Are Happy They Didn’t Wait

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