01/09/2026
US housing market dynamics are changing:
Mortgages with rates of 6%+ are up to 21.2% of all loans, the highest since 2015, per Reventure.
This percentage has almost TRIPLED since 2022.
Over the same period, sub-3% rate mortgages have declined -4.4 percentage points to 20.2%, the lowest since 2021.
As a result, there are now more mortgage holders with rates of 6%+ than sub-3%.
As existing homeowners have increasingly higher mortgage rates, closer to the current 30-year average of 6.15%, more homeowners are willing to sell their homes.
This could revive historically depressed home turnover, which sits near 30-year lows.
The mortgage lock-in effect may finally be starting to ease.