Metros with the highest share of mortgaged homeowners may outperform in the near term

A $400,000 home with 20% down at 6.58% interest has a monthly mortgage of $2,039, dropping to $1,972 at 6.26% and $1,939 at 6.1%. Despite lower rates boosting refinance demand, home purchase activity remains slow due to rate lock-in. Markets with high mortgage utilization, like Washington, D.C. and Denver, may see quicker buyer response, while areas with many outright owners, like Miami, may experience steadier conditions.