(The Epoch Times)—The share of homeowners with 6 percent or more mortgage rates is at its highest level in nearly a decade, according to real estate brokerage Redfin, which added that the “lock-in effect” in the housing market has started to ease.
The company said 17.2 percent of homeowners have a 6 percent or higher rate, which is the largest proportion since 2016.
“That’s up nearly five percentage points from 12.3 percent in the third quarter of 2023,”the company said in a Feb. 6 statement. “If this growth rate were to continue, which is feasible, the share of homeowners with a rate of at least 6 percent would nearly double in the next three years.”
Meanwhile, the share of homeowners with an interest rate less than 6 percent stands at 82.8 percent. As such, an even higher share of owners have a rate below the Jan. 30 weekly average rate of 6.95 percent, said the report. This is “prompting many to stay put instead of selling and buying another home at a higher rate.” The phenomenon, called the “lock-in effect,” dries up housing supply, thus supporting price growth and contributing to the affordability crisis.
However, the lock-in effect is showing signs of easing as “it’s not realistic to stay put forever” for most individuals,” Redfin stated. Many people are opting to move despite the higher rates because of major life events like a divorce or job change that leave them with no choice, Redfin said, citing its agents.
“Many Americans are growing accustomed to the idea that rates are unlikely to fall to pandemic lows anytime soon,” the Redfin report stated.
Rates hit a record low of 2.65 percent during the COVID-19 pandemic, the brokerage said. The average weekly rate for a 30-year fixed-rate mortgage has remained above the 6 percent level for more than two years, according to data from Freddie Mac.
Moreover, the “pandemic surge in home values means many homeowners have enough equity to justify selling and taking on a higher rate—especially if they’re downsizing or moving somewhere more affordable,” said the report.
Data from the Federal Reserve Bank of St. Louis shows that the average sales price of houses sold in the United States in Q1, 2020, was $383,000. This has jumped more than 33 percent to $510,300 as of Q4, 2024.
Growing Rental Market
Mortgage applications to buy homes have declined amid high rates. According to the Mortgage Bankers Association (MBA), while overall mortgage applications rose 2.2 percent for the week ending Jan. 31 compared to a week back, the jump was driven by a 12 percent increase in refinances.
“Purchase activity had a tougher week, with declines across all loan types,” said MBA Deputy Chief Economist Joel Kan. “The average loan size for a purchase loan has increased since the start of the year.”
Mortgage purchase applications over the last two weeks are “modestly above what we saw a year ago,” he said. This suggests there is “some latent demand in the market.”
There are currently 110,727 new single-family build-to-rent homes under construction in the United States across 613 communities, according to the report.
State-wise, Texas had the highest number of build-to-rent homes under development, with 21,812 homes at various stages of construction. It was followed by Arizona and Florida with nearly 14,000 properties, and North Carolina with more than 12,000 units.
Doug Ressler, manager of business intelligence at Yardi Matrix, a sister company of Point 2Homes, said renting a build-to-rent home is cheaper on average than buying a starter home.
“Recent reports indicate that renting can save one around $1,000 per month compared to buying. This is largely due to high mortgage rates and elevated home prices,” Ressler said.
“More and more build-to-rent (BTR) residents consider themselves renters by preference compared to 2023 (36 percent in 2024 vs. 27 percent in 2023).”
Bypass Big Tech Censors
Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
The world can seem chaotic, especially right after we wake up. Many believers start their mornings reaching for something familiar — a hot cup of coffee — yet end up settling for mediocre brews that do little more than deliver a caffeine jolt. The daily grind of life, with its endless distractions, news cycles, and responsibilities, can leave even the most faithful feeling spiritually parched alongside their physical fatigue. What if your morning ritual could do more than wake you up? What if it could ground you in truth, nourish your body with exceptional quality, and quietly advance a kingdom purpose at the same time?
That’s the promise — and the reality — behind Promised Grounds Coffee. This Christian-founded company doesn’t just roast beans; it approaches every step as an act of worship and discipleship. By selecting only the top 10% of specialty-grade beans, ethically sourced from dedicated farmers in Central and South America, and small-batch roasting them with reverence in Austin, Texas, Promised Grounds delivers what many describe as the best coffee available — never burnt, never bland, but rich with origin stories and layered flavors that honor God’s creation.
From the vibrant Psalm 27 Roast (a light, bright medium option) to the bold yet peaceful 2 Timothy 1:7 Decaf, each bag carries a Scripture verse that turns your daily pour into a gentle reminder of faith. And through their Ounce Per Ounce Promise, every ounce of coffee you enjoy provides an equal ounce of clean water to families in need via partnership with Filter of Hope — literally brewing hope for body and soul, one cup at a time.
The challenge for today’s Christians runs deeper than finding a decent cup. In an age of convenience-driven consumerism, it’s easy to support companies that dilute values or remain silent on matters of faith. Many believers want their everyday choices — from what they drink to how they spend — to reflect discipleship rather than just convenience. Promised Grounds solves this by weaving Christian excellence into the entire process: beans nurtured with prayerful stewardship by farming families, roasted as an offering rather than a commodity, and packaged with Bible verses to encourage a mindset of gratitude and purpose from the first sip. Reviewers consistently praise the smooth, rich profiles — whether enjoyed black in a drip maker, iced on a warm day, or shared in fellowship — noting how the quality stands toe-to-toe with premium secular brands while delivering something far more meaningful.
This integration of faith and flavor addresses a real need in Christian households and ministries. Busy parents, church leaders, and remote workers alike report that starting the day with a Scripture-inspired roast helps center their thoughts on eternal truths amid temporal pressures. The coffee’s exceptional character — bright citrus notes in lighter roasts or deep chocolate undertones in bolder ones — comes from meticulous selection and careful roasting that respects the bean’s natural gifts rather than masking them. It’s the kind of coffee that elevates a simple quiet time, fuels productive workdays, or sparks meaningful conversations when shared at Bible studies or outreach events. And because it’s ethically sourced with integrity, every purchase supports sustainable livelihoods for farmers who treat their crops like family harvests.
For those leading churches or small groups, the impact multiplies. Promised Grounds offers bundles and options perfect for hospitality ministries, turning ordinary coffee service into an opportunity to point people toward the living water of Christ. Imagine greeting visitors with a warm cup whose very bag carries God’s Word — a subtle yet powerful witness that aligns with the Great Commission. The company’s Texas roots and commitment to “brewing hope” resonate especially with believers who value American enterprise paired with global compassion.
Of course, quality alone isn’t enough if the experience feels out of reach. Promised Grounds keeps it accessible with practical perks like free shipping on orders over $40, sample sets for discovering favorites, and thoughtful add-ons such as faith-themed mugs. Whether you prefer whole beans for fresh grinding, grounds for convenience, or even bulk options for larger households and ministries, the result is consistently superior coffee that makes discipleship feel integrated rather than added on.
As you consider how to align even the smallest habits with your walk with God, Promised Grounds Coffee stands out as a refreshing solution. It tackles the dual problems of subpar daily sustenance and disconnected consumption by offering a product that genuinely excels in taste while advancing a mission of clean water, farmer dignity, and scriptural encouragement. Believers who make the switch often describe it as more than a beverage upgrade — it becomes part of their rhythm of gratitude, a daily invitation to remember that every good gift comes from above.
If you’re ready to transform your mornings (and perhaps your church gatherings) with coffee that honors both exceptional craftsmanship and Christian values, I encourage you to explore what Promised Grounds has to offer. One sip at a time, you’ll be nourishing your body, refreshing your spirit, and participating in something far greater — all while enjoying what truly is among the best coffee available.
