India, Sept. 1 -- US homeowners are staying put as mortgage rates remain near 6.7%. The chances of Americans moving to a new home in the next 12 months have fallen to a record-low 13.5%, according to data highlighted by Apollo's latest US housing outlook. High mortgage rates are making homeowners think twice about selling their current homes.

The biggest reason is the huge gap between old and new mortgage rates. About half of all outstanding US mortgages have rates below 4%, while around two-thirds are below 5%, according to Apollo. A new 30-year mortgage now costs close to 6.7%.

For many homeowners, moving would mean giving up a very cheap mortgage. Someone who locked in a 3% mortgage during the low-rate period would have to take a loa...