For years, homebuyers were told to "date the rate, marry the house"—the idea that buyers could purchase a home with a higher mortgage rate today and simply refinance once borrowing costs came down. But for many Americans who bought homes over the past few years, that strategy hasn't worked out as planned. 

A recent survey from mortgage verification platform Truework found that more than 70% of people who purchased a home within the past two years expected to refinance later. Yet mortgage rates have remained stubbornly high, leaving many homeowners paying far more each month than they originally anticipated.

According to Freddie Mac, the average 30-year fixed mortgage rate has remained above 6% for most of the past four years. Rates briefly approached 8% during the fall of 2023, the highest levels seen in more than two decades. While many economists entered 2026 expecting borrowing costs to ease significantly, rates dipped below 6% only once this year, briefly reaching 5.98% in late February before climbing again. As of last week, the average 30-year fixed mortgage stood at 6.49%.

The result is a growing number of homeowners who feel financially stuck.

Truework's survey of 1,000 recent homebuyers found that 50% worry their mortgage could become financially unsustainable if they cannot refinance soon, while 85% said refinancing within the next three years is important to their long-term financial health. Meanwhile, 32% reported cutting spending on necessities—including food, clothing, healthcare, and personal care items—to keep up with their monthly housing costs.

Several unexpected economic events have contributed to mortgage rates remaining elevated. Higher Treasury yields have been influenced by continued inflation concerns, new tariffs introduced by the Trump administration, and global uncertainty following the conflict between Israel and Iran, all of which have kept borrowing costs higher than many buyers anticipated.

One Florida homeowner interviewed by MarketWatch represents a situation many recent buyers can relate to.

Stefi Markowicz and her husband purchased a three-bedroom home in Fort Lauderdale in October 2023 for $629,000, financing it with a 7.49% mortgage rate. Like many buyers at the time, they expected refinancing opportunities to arrive within a year or two.

Instead, nearly three years later, they have accepted that refinancing may not make financial sense anytime soon.

Although mortgage rates today are lower than the rate they originally secured, refinancing carries closing costs that generally range between 2% and 5% of the new loan amount, in addition to lender fees and appraisal costs. Financial experts often recommend refinancing only when the new rate is at least 0.75 percentage points lower, allowing enough monthly savings to recover those upfront expenses over time.

For the Markowicz family, those numbers simply don't work. Since they hope to purchase a larger home within the next several years, remaining in their current property long enough to recover refinancing costs appears unlikely. Instead, they've adjusted their household budget by reducing discretionary spending while focusing on maintaining affordable monthly payments.

The challenge extends beyond traditional fixed-rate mortgages.

During the recent period of elevated borrowing costs, many buyers opted for adjustable-rate mortgages (ARMs) because they initially offered lower monthly payments. These loans typically maintain a fixed interest rate for three, five, or seven years before adjusting based on market conditions.

According to mortgage data firm ICE, nearly 1 million homeowners used ARMs to purchase homes between 2022 and 2024. Of those, approximately 133,000 loans have already entered their adjustable period, while hundreds of thousands more remain within their initial fixed-rate window.

The next wave of adjustments is approaching quickly. ICE estimates that about 6,000 ARM borrowers will reach their first rate reset during the second half of 2026, followed by approximately 81,000 homeowners in 2027.

Fortunately, many ARM borrowers tend to have higher household incomes and larger financial cushions. ICE reports that the average remaining ARM balance from loans originated between 2022 and 2024 is roughly $658,000, compared with about $318,000 for comparable fixed-rate mortgages, suggesting these borrowers generally purchased more expensive homes and may be better positioned to absorb payment increases.

Not every homeowner is waiting for rates to fall.

Some borrowers are moving in the opposite direction by refinancing fixed-rate mortgages into adjustable-rate loans to lower their monthly payments. Buyers who plan to relocate within a few years may find this strategy appealing, particularly if they expect to sell before the adjustable period begins.

For real estate professionals, the situation underscores how affordability remains the defining challenge of today's housing market. Buyers continue prioritizing monthly payment over purchase price, refinancing activity remains limited, and elevated mortgage rates are extending the lock-in effect that has constrained housing inventory for years.

Until borrowing costs decline more meaningfully, many homeowners who expected a temporary high mortgage payment may find themselves living with it far longer than they ever planned.