Why some Chicagoans are moving

Lincoln Park homeowner Colleen Day is ready to part ways with her low mortgage rate — and her three-level, four-bedroom house.

Why it matters: Even this housing market can't stop a Baby Boomer who's tired of cleaning an empty nest or a young family running out of bedrooms.

What they're saying: The 61-year-old wants to "be free of a big home and all that comes with it."

• "We have had a beautiful life here, but it's time for a new family to love this historic home and attend these great schools," Day tells Axios.

First-time home buyers who can afford it are also taking the plunge.

• "When I saw that the current [mortgage] rates are about average, and in many cases, lower than other points in time, I realized it's not a terrible time to buy," Chicago condo buyer Sarah Martha told Axios last week.

Reality check: Scores of U.S. homeowners feel locked into their current mortgage.

• Those with a mortgage rate below 3% say their likelihood of moving in the next three years would soar from about 17% to 28% if they could keep their current loan , per recent surveys from the New York Fed.
• The number of Chicagoland homes available to buy is down 7% from a year earlier, according to Redfin data .

Between the lines: Many seniors are staying put because they have fixed incomes and can't swing higher mortgage payments.

• Day says she might rent or stay with family through the winter.
• "I'm not even looking at buying because I don't know what I want, not just in a new home but at this stage in my life."

What's next: More golden handcuffs could start to loosen. Optimism has grown that the Federal Reserve will start cutting interest rates in September, Axios' Felix Salmon reports.