Share of mortgages with rates above 6 percent reaches 10-year high |
The days of 3 percent mortgages are gone, and 6 percent loans are steadily becoming the norm.
Nearly 1 in 5 U.S. homeowners with a mortgage now has a rate of at least 6 percent — the highest share since 2015, according to a new Redfin analysis of second-quarter data.
That proportion has nearly tripled in just three years, rising from about 7 percent of homeowners in mid-2022 to nearly 20 percent today.
The trend isn't surprising. Mortgage rates have hovered above 6 percent since late 2022. But the shift could have big implications for the housing market.
In recent years, the so-called "lock-in effect" has constrained supply, with many homeowners opting to stay put rather than give up their 3 percent mortgages. The decision made........