Share of mortgages with rates above 6% reaches 10

(NewsNation) — The days of 3% mortgages are gone, and 6% loans are steadily becoming the norm.

Nearly 1 in 5 U.S. homeowners with a mortgage now has a rate of at least 6% — 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% in mid-2022 to nearly 20% today.

The trend isn't surprising — mortgage rates have hovered above 6% 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% mortgages. The decision made financial sense, but it also limited inventory and pushed prices higher.

The rise in 6%-plus mortgages