If you’re a homeowner with a low mortgage rate, chances are you’ve felt a little stuck lately. Maybe you’ve thought about making a move—getting more space, changing locations, or finally finding a home that feels like the right fit. But then the reality of today’s rates hits, and just like that, the idea slips back onto the shelf.

We’ve seen this play out across the country. Millions of homeowners locked in at historically low rates in 2020 or 2021. And now, with interest rates having climbed, those same homeowners are reluctant to let go of what feels like an incredible deal—even if the home no longer fits their life.

It’s called the “lock-in effect,” and it’s a powerful force. But it doesn’t mean you’re out of options. If you’ve been hesitating, not sure whether to stay or go, there are three questions that can help you find clarity—and make a decision you feel confident about.

Is your current home still working for your life—or just your loan?

This might be the most important place to start. When you look beyond the rate, beyond the numbers and spreadsheets, is your home still supporting the way you live day to day?

Maybe what once felt spacious now feels cramped. Or maybe your home feels too big and quiet since the kids moved out. Maybe your needs have changed—you're working from home more often, you’re taking care of aging parents, or you’ve welcomed a new addition to the family. Or maybe you’ve just outgrown the space emotionally. What once felt like a dream home now feels like a to-do list you can’t keep up with.

It’s easy to put those feelings aside and focus on your current rate. But when your home no longer fits your lifestyle, it’s worth asking what it’s costing you to stay—not just financially, but emotionally, mentally, and physically. The right home doesn’t have to be perfect, but it should make your daily life easier—not harder.

What would a move really cost you—and what might it make possible?

There’s no denying that today’s interest rates are higher than they were a few years ago. But that doesn’t automatically mean moving isn’t financially viable. What matters is how the full picture shapes up for you.

Many homeowners today are sitting on record levels of equity. As of early 2024, the average mortgage-holding homeowner in the U.S. holds approximately $299,000 in equity, according to ICE’s Mortgage Monitor report. That’s up from $274,000 at the end of 2022—and up even more significantly from $182,000 at the beginning of the pandemic, based on CoreLogic’s Homeowner Equity Insights report.

That equity could become your down payment on a new home. It could reduce the amount you need to borrow, lower your monthly payment, or help you skip private mortgage insurance.

And then there’s the other side of the equation: what lifestyle perks could a move unlock for you?

Maybe it would bring you closer to loved ones, give your kids access to a better school district, or offer the home office or outdoor space you’ve been craving. Maybe it means downsizing and putting more money in your pocket each month. Or finally settling in a neighborhood where you feel more at home.

Moving isn’t just a financial decision. It’s a quality-of-life decision. And when you factor in both the gains and the costs, you may find that the numbers aren’t as one-sided as they first appear.

If you stay, are you staying intentionally—or just avoiding a hard choice?

It’s perfectly okay to stay where you are. In fact, for some people, that’s absolutely the right move. But here’s the thing: it should be a decision, not a default.

Ask yourself: If I choose to stay for the next three to five years, what would I need to change or invest in to make this home truly work for me? Would I renovate the kitchen that’s no longer functional? Turn the spare room into a proper office? Redesign the backyard so it actually gets used?

Staying doesn’t have to mean settling. Sometimes, making peace with your current home involves making a plan to improve it—whether through small updates, strategic renovations, or simply adjusting the way you use your space.

But staying without a plan can lead to years of slow frustration. And in many cases, those quiet compromises add up to something more expensive than moving would have been.

Final Thoughts

Being “stuck” is a frustrating place to be. But the good news is, you’re not as stuck as you think. You’re just facing a decision that deserves careful thought.

You don’t have to have all the answers today. But asking the right questions—about your lifestyle, your goals, and your finances—can lead you toward clarity. Whether you decide to stay or go, the goal isn’t to time the market perfectly. It’s to make a move that supports your life and your future.