Sub-4% homeowners need to look beyond the interest rate, says CEO
Joel Kan of the Mortgage Bankers Association says new home purchase applications fell to their lowest level in six years as rising borrowing costs weighed on buyers, particularly first-time purchasers relying on FHA financing. https://t.co/Pf7V8lz8zm
— Mortgage Professional America Magazine (@MPAMagazineUS) October 15, 2026
Looking beyond the rate
Harris’s argument is not that rate lock-in is illusory — it is that the industry has elevated it into a reflexive rule that stops homeowners from examining what a move might mean for their retirement, their equity position, or their long-term financial goals.
“I believe the important question is not simply whether a homeowner should give up a 3% mortgage,” he said.
“It is whether the next housing decision makes sense when we evaluate the total cost, available equity, monthly cash flow, and long-term objectives. For some borrowers, staying put is absolutely the right decision. For others, moving may be the better choice despite the higher rate. The answer depends on their circumstances, not a blanket rule that everyone should hold onto their existing mortgage.”
His approach begins before any product recommendation. After reviewing a client’s equity, retirement exposure, and debt obligations, Harris determines whether a transaction is warranted and which structure fits best — a home equity line of credit, a fixed-rate second mortgage, a bridge loan, or reverse mortgage programs for eligible homeowners.
Each can unlock liquidity while preserving existing financing. Non-QM options for self-employed borrowers and real-estate investors widen the toolkit further for brokers who engage at that level.
