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 $2,039 monthly mortgage, dropping to $1,972 at 6.26% and $1,939 at 6.1%. Falling mortgage rates have boosted refinance demand but slowed purchases due to rate lock-in. Markets like Washington, D.C., Denver, and Virginia Beach, with high mortgage utilization, may see increased buyer activity, while areas with many outright owners, like Miami, may experience steadier conditions.