Mortgage relief slips away as rates stay stubbornly high

As mortgage rates have stubbornly hovered above 6% for years (with spikes above 7%), the hoped‑for refinancing relief many homeowners counted on has largely vanished. Redfin data show more borrowers now carry rates above 6% than below 3%, and refinancing applications remain weak. Profiles like Patrice De La Ossa, who moved to cut costs only to still pay a 6.8% loan, and David Belmonte, whose 7.2% mortgage followed the old “date the rate, marry the home” guidance, illustrate the financial strain and limited options. A brief dip earlier this year offered hope, but rate moves tied to inflation and geopolitical events pushed averages back up (Freddie Mac’s 6.71% read), delaying refinancing for years. Financial advisers say refinancing is worth it only if you can shave at least one percentage point, a condition many homeowners no longer meet, leaving some facing tough choices about staying put or relocating.