How far do mortgage rates need to fall to break the 'lock-in effect'?

(NEXSTAR) – Most Americans fortunate enough to have purchased a house before mortgage rates shot up in the spring of 2022 don't appear likely to sell any time soon, according to a new survey.

Bankrate asked Americans how low mortgage rates would have to fall before they would consider selling their current home and breaking the mortgage "lock-in effect" by purchasing a new house with a new mortgage rate.

“The mortgage lock-in effect has frozen home sales for the past couple of years,” said Bankrate analyst Jeff Ostrowski.