Read our full analysis for a more in-depth look at these trends.
On the move: Still waiting for the thaw
A cooling jobs market, high mortgage rates and constrained housing supply continue to hamper a recovery in moves.
September 2025
Key takeaways
- The number of people moving within the U.S. declined year over year (YoY) in 2025 Q2, according to Bank of America account data. Between city moves were more evident in southern and midwestern cities over the Northeast and West.
- A cooling labor market might be contributing to the decline. But the “lock-in effect,” where some households are on much lower fixed mortgage rates than those currently offered, continues to restrain existing home supply.
- This lock-in effect is likely not uniform across the country. A combination of a higher share of mortgages on lower rates and a high share of households paying a significant share of their monthly income on mortgages likely makes it most binding in the West.
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