Here’s a uniquescenario: A large chunk of the existing U.S. housing supply is locked into super low fixed COVID-era mortgage rate finance terms. The average 30-year fixed U.S. mortgage rate sat at 3.11% in 2020 and 2.96% in 2021. According to Redfin analysis undertaken on Sept. 25th, 2025 (a year ago): 48-52% of existing U.S. mortgages carried a rate lower than 4.0%, while 20% of active U.S. mortgages remained locked in below 3.0%.

 

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