Still Hanging Onto That 3% Mortgage? Here’s Why It Might Be Time to Move Anyway

We get it! That 3% mortgage rate is hard to say goodbye to. It’s one of the biggest reasons homeowners across the country, including right here in Utah, have put off making a move. But here’s the thing:

Low rates don’t make your house any bigger. They don’t take the stairs out of your daily routine. And they definitely don’t bring you closer to the people you love.

That’s why more and more homeowners are deciding it’s time to move, even if it means taking on a higher interest rate.

Homeowners With Sub-3% Rates Are Moving Anyway

The latest data shows that fewer homeowners are holding onto those ultra-low rates. Instead, more are making moves and taking on mortgage rates above 6%.

This shift shows that life changes — not just finances — are driving decisions.

Why People Are Moving: It’s Not Just About Money

According to a survey from Realtor.com, 79% of homeowners considering selling right now say it’s not a choice, it’s a necessity. And most of the reasons they give have nothing to do with money.

Here are the most common reasons people are packing up:

• You Need More Space: A growing family, parents moving in, or simply running out of room, space matters.

• You Need Less Space: Empty nest? Downsizing can mean more freedom, less upkeep, and lower monthly bills.

• You Want to Be Closer to Family: Whether it’s helping out with grandkids or taking care of aging parents, being near loved ones often outweighs financial concerns.

• Life Changes: Divorce, marriage, a new partner — whatever’s happening in your personal life, it might call for a fresh start.

• A New Job: Career shifts or company relocations are another big reason for moving.

Do any of those sound familiar?

What About Waiting for Lower Mortgage Rates?

Yes, mortgage rates are expected to come down, but not by much, and not overnight. If you’re holding out for rates to drop back to 3%, you could be waiting a long time.

The truth is, many people have already been waiting. Realtor.com reports that nearly 2 out of 3 would-be sellers have been thinking about moving for over a year. If you’re one of them, it’s worth asking:

How long are you willing to put your life on hold?

The Bottom Line

That “for now” house you bought back in 2020 might’ve worked great then. But if it doesn’t meet your needs in 2025, that’s not a failure, it’s just life evolving.

Yes, interest rates matter. But what matters more is whether your home still fits your lifestyle.

If you’re starting to feel like your current place is holding you back, let’s chat. We’d love to help you figure out the next step, not just in real estate, but in your life.