Rocket Companies Inc. Reports Surge in Mortgages Above 6% as Market Adjusts

In a recent press release dated September 29, 2025, Rocket Companies Inc. highlighted significant trends in the mortgage landscape, revealing that nearly one in five mortgaged U.S. homeowners are now dealing with mortgage rates of at least 6%. According to an analysis from Redfin, a real estate brokerage powered by Rocket, the share of homeowners holding mortgages at these elevated rates has climbed to 19.7%, marking the highest level since 2015. This trend reflects the ongoing adjustments that American homeowners are making in response to changing economic conditions.

The report indicates that the weekly average mortgage rate has remained above 6% since September 2022, with fluctuations resulting in a steady increase in the share of homeowners facing higher rates. Over the past two years, this share has risen between 0.8 and 1.4 percentage points each quarter. With current average mortgage rates hovering between 6-7%, many homeowners are confronting a new reality in the housing market as they adapt to these elevated rates.

During the pandemic housing boom from 2020 to 2022, many homeowners benefited from historically low mortgage rates. However, as rates began to rise, a phenomenon known as the "lock-in effect" took hold, wherein homeowners chose to remain in their existing properties rather than securing new homes at significantly higher rates. This behavior contributed to a stagnation in the housing market, with many potential buyers sidelined.

Despite the lock-in effect, there are signs that American homeowners are beginning to adapt to this new normal. The share of sub-3% mortgages has decreased to 20.4% in the second quarter of 2025, down from a peak of 24.6% in early 2021. Additionally, the proportion of mortgages below 6% has fallen to 80.3%, a steep decline from 92.7% three years earlier.

Chen Zhao, Redfin’s head of economics research, noted that this shift is reflected in an increase in housing inventory. "More homeowners are deciding it’s worth moving even if it means giving up a lower mortgage rate," Zhao stated. This sentiment suggests that life events such as job changes, family growth, and relocation desires are beginning to outweigh the perceived financial risks of leaving a low-rate mortgage behind.

While the increase in available homes is notable, it has not yet translated into a significant uptick in sales. Many prospective buyers remain hesitant, waiting for a more favorable shift in mortgage rates. Mariah O’Keefe, a Redfin Premier real estate agent, remarked, "A lot of people want to buy and they’re just hanging around waiting." She emphasized that buyers need to see a substantial reduction in potential monthly payments before re-entering the market.

The Redfin analysis provides a comprehensive breakdown of the current mortgage-rate landscape:

As Rocket Companies Inc. and its subsidiary Redfin navigate these changing dynamics, the implications for the housing market are profound. The ongoing adjustments in homeowner behavior and the gradual increase in inventory signal a potential shift in the market, albeit one that is yet to fully materialize in sales activity. With the expectation that mortgage rates will remain in the 6-7% range over the next year, the landscape for both buyers and sellers is evolving, making it a crucial period for stakeholders in the real estate sector.

The comprehensive data and insights shared in Redfin's report underscore the importance of understanding these trends as they unfold in what appears to be a pivotal moment for the American housing market.