Share of Outstanding U.S. Mortgages With a Rate of 4% to 4.99% · %

## What this measures

The share of all first-lien residential mortgages open at the end of each quarter whose contract interest rate is 4% to 4.99%, by number of mortgages, from FHFA's National Mortgage Database. Q1 2013 to Q2 2026. The five rate buckets (below 3%, 3–3.99%, 4–4.99%, 5–5.99%, 6% or more) add to 100.

## Why it matters

The rate lock-in: owners holding a mortgage far below today’s rate are reluctant to sell and take a new one, which keeps homes off the market. How fast the low-rate share shrinks shows how quickly that is unwinding.

## How to read it

Q2 2026: 16.5% of outstanding mortgages. Read the five buckets together (the stacked chart) and against the market rate (housing.nmdb.share_below_market, housing.nmdb.rate_gap).

## What it does not say

NMDB is a nationally representative 5% sample of closed-end first-lien residential mortgages in Experian credit files, not a census; FHFA suppresses cells with fewer than three sample loans. Shares are by number of mortgages (VALUE1); by unpaid balance (VALUE2) the high-rate buckets weigh more because newer loans are larger. Rates are the contract rate: an adjustable-rate loan counts at its current rate.

## Source

Federal Housing Finance Agency, National Mortgage Database (NMDB®) aggregate statistics, outstanding residential mortgage statistics, national, quarterly (https://www.fhfa.gov/document/d/nmdb/nmdb-outstanding-mortgage-statistics-national-census-areas-quarterly.zip); data dictionary and technical notes 2026Q1. NMDB is a joint FHFA and Consumer Financial Protection Bureau program; FHFA publishes these aggregates. U.S. government work: "information and materials produced by Federal agencies, including FHFA, are in the public domain" (fhfa.gov website policy). Read weekly by /api/cron/fhfa-state-hpi-sync.