Key Points
Older, low-rate mortgages continue to contribute to borrower lock-in which weighs on the pace of home sales.
- Across outstanding residential mortgages in the National Mortgage Database, over 50% of mortgages had contract rates below 4% in the 1st quarter of 2025.
Share of Mortgages Outstanding by Contract Rate
The wage growth premium for workers that switch jobs continues to decline as the labor market cools.
- In June, year-over-year wage growth was identical for both job switchers and job stayers according to the Atlanta Fed’s Wage Growth Tracker.
- Before this year, wage growth for job switchers was stronger going back to 2010.
Atlanta Fed Wage Growth Tracker
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