The share of U.S. homeowners with mortgage rates at or above 6% has surged to nearly 20%, the highest level since 2015, according to a recent Redfin analysis of Q2 2025 data.

This proportion has nearly tripled in just three years, rising from about 7% in mid-2022 to almost one-fifth of all mortgaged homeowners today.

The big picture: Mortgage rates have consistently remained above 6% since late 2022, marking a substantial departure from the ultra-low rates seen in prior years. • The era of widespread 3% mortgage rates is effectively over, fundamentally changing the financial landscape for homebuyers and owners. • This shift could have significant implications for the housing market, particularly in inventory supply and housing affordability.

Driving the news: For years, the “lock-in

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