81% of Homeowners Locked Into Sub-6% Mortgages: What It Means for Buyers

Neil Caron
Aug 28
2 min read

August 28, 2025 | Mortgage Market Trends | Presented by ReadySetLoan™️

It’s official—America’s homeowners are sitting on a goldmine of low mortgage rates. A new Realtor.com report shows that more than 81% of mortgage holders are locked into rates below 6%, while over 20% hold rates below 3%—a rare advantage dating back to the pandemic refinance boom.

But while current homeowners are sitting pretty, today’s buyers are still contending with rates averaging around 6.6% on a 30-year fixed loan. So what does this mean for Connecticut homeowners and homebuyers? Let’s break it down with ReadySetLoan™️.

The Lock-In Effect

Stability for homeowners: With the majority enjoying rates under 6%, most homeowners have little incentive to refinance.
Fewer moves: Many households are choosing to “stay put,” tightening housing inventory.
Historic lows preserved: Roughly 1 in 5 homeowners holds a mortgage rate under 3%—an almost impossible deal to replicate today.

Connecticut Buyers Face a Different Story

While homeowners who locked in years ago are winning, Connecticut buyers entering the market today are facing very different conditions:

Rates around 6.6%—higher than the golden sub-6% era.
Affordability squeeze as borrowing power shrinks.
Opportunity in patience: If rates dip closer to 6% or below, Connecticut buyers could gain new momentum in affordability and inventory.

🎤 Neil’s Take“We’re in a two-speed housing market. Existing homeowners with sub-6% mortgages are financially insulated, while new buyers must navigate today’s mid-6% rates. For Connecticut buyers, this means strategy matters—shopping aggressively and being ready to act when rates dip could make the difference between landing a home or sitting on the sidelines.”—Neil Caron, Area Sales Manager at CMG Mortgage

🐷 RSL Piggy Points

81% of U.S. mortgages are under 6%—a major reason inventory remains tight.
20% of homeowners hold rates under 3%—a financial advantage unlikely to return.
Connecticut buyers face higher costs, but smart timing could pay off.
The lock-in effect may keep housing supply limited for years.

RSL Perspective

At ReadySetLoan™️, we see today’s mortgage market as a game of patience and preparation. While the majority of homeowners enjoy historic lows, Connecticut buyers should focus on readiness—so when the next rate drop comes, they can sprint ahead of the competition.