Coldwell Banker: Mortgage Rate "Lock-In Effect" Eases; One in Three Home Sellers are Giving up a Sub-5% Rate to List this Spring

New survey data tops a list of five trends shaping the 2026 spring housing market

MADISON, N.J., April 23, 2026 /PRNewswire/ -- Coldwell Banker Real Estate LLC today released its 2026 Home Shopping Season Report, identifying the five key trends driving the U.S. housing market this spring. Despite ongoing geopolitical uncertainty, real estate agents report a market shaped by sellers beginning to let go of historically low mortgage rates and buyers who are re-entering the market with renewed intent – but are more cautious and discerning than in years past.

The findings are based on a survey of more than 700 real estate agents nationwide, offering a real-time snapshot of the 2026 spring housing market. Early indicators point to renewed buyer and seller activity, with 43% of agents reporting a busier home shopping season than last year.

"We are seeing activity on both sides of the housing market this spring, but it is measured," said Jason Waugh, President of Coldwell Banker Affiliates. "Buyers are prepared to move forward, yet they are focused on homes that meet long‑term financial and practical needs, and they are taking the time to evaluate their options. On the seller side, many homeowners are listing because their circumstances require a change, even if it means giving up a historically low mortgage rate. With clear motivations on both sides, there is opportunity in the market, but the pace is more controlled than the period immediately following the pandemic."

Top 5 Spring Housing Market Trends for 2026

One in Three Home Sellers are Giving Up a Mortgage Rate Below 5%

Homeowners are beginning to let go of historically low mortgage rates, signaling a potential shift in one of the biggest and most persistent constraints on housing supply. For many sellers, the decision to list is less about timing the market and more about necessity, with 36% of agents saying their clients are listing due to personal life circumstances.

• 35% of sellers currently working with Coldwell Banker affiliated agents have mortgage rates below 5% and are still planning to sell this spring.
• 39% of agents say the mortgage rate "lock-in effect" is not a meaningful factor, or only a minor one, when sellers decide to list.
• However, still 61% of agents say it remains a major or moderate factor influencing decisions. 

"Working through the lock-in effect will take time," Waugh said. "But we are starting to see early signs that it is loosening, particularly in the Midwest and in the West, which could have a meaningful impact on inventory."

"Comeback Buyers" Account for about 20% of Today's Home Shoppers 

Seventy-seven percent of agents surveyed say they are working with homebuyers who are re-entering the market after previously pausing their search. Agents describe these "comeback buyers" as cautious but motivated by current market conditions, with many maintaining budgets similar to their initial search.

• About 20% of current homebuyers working with Coldwell Banker® affiliated agents paused their search in the last two years before re-entering the market this spring.
• The majority (75%) of agents working with "comeback buyers" say these buyers are returning with about the same budget, while 24% say these buyers have increased budgets.
• Returning buyers are most likely to have upped their budgets in the Midwest. This may be in part because many agents describe the Midwest as a seller's market this spring. 

Buyers are Not Waiting for Mortgage Rates to Drop

Buyers today are not window shopping. Eighty percent of agents say homebuyers this spring are actively on the market and are not waiting for market conditions or rates to drop further before purchasing their next house.   

• Agents in the Northeast are most likely to report working with active buyers, whereas agents in the South are most likely to report that their buyers are waiting for rates to fall or other market conditions to shift. 
• Overall, only 20% of agents say buyers are waiting for better conditions or lower rates.

Climate Risk Concerns Rise Among Buyers Compared to Last Year

Buyers are increasingly factoring in environmental risks, as well as climate-influenced costs like home insurance, into their purchasing decision – especially in regions most exposed to extreme weather.

• 31% of agents say climate-related risks – including home insurance costs, wildfire risks and flood zones or hurricane exposure – are a bigger factor in buyer decision-making than just one year ago.
• That share rises to 35% in the South and 39% in the West.
• Only 27% of agents say climate risks rarely influence buyer behavior in their market.

The Regional Divide Between "Buyer and Seller Markets" Deepened

For much of the past two decades following the Global Financial Crisis, regional housing markets largely moved in tandem. This spring, however, Coldwell Banker affiliated agents report a different story.

• 70% of agents in the Midwest and 74% of agents in the Northeast characterize their markets as sellers' markets, compared to just 13% in the South and 22% in the West.
• By contrast, around half of agents in the South (56%) and West (46%) describe their markets as buyers' markets, compared to about 13% in the Midwest and 12% Northeast.
• Nationally, just 25% of agents say their market is balanced.

Survey Methodology
Coldwell Banker Real Estate surveyed 727 Coldwell Banker affiliated real estate agents to get their insights on local market conditions and buyer and seller sentiment. The survey was conducted online between March 23 and April 6, 2026. The survey included real estate professionals from various markets throughout the United States.

About Coldwell Banker Real Estate LLC
Powered by its network of 93,000 affiliated sales professionals across 50 countries and territories, the Coldwell Banker® system is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. The Coldwell Banker brand is committed to providing its network of affiliated sales agents with the tools and insights needed to excel in today's marketplace and is known for its bold leadership and dedication to driving the industry forward. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Coldwell Banker is a part of Compass International Holdings (NYSE: COMP), a global real estate services company with a presence in every major U.S. city and in approximately 120 countries and territories. To join Coldwell Banker Real Estate and unlock the Gen Blue possibilities, please visit www.coldwellbanker.com/join.

CONTACT: Alexa Fiander, [email protected]

SOURCE Coldwell Banker Real Estate LLC