The housing market is easing out of the 'lock-in effect'

The housing market recently crossed a noteworthy line: There are now more Americans with mortgage rates higher than 6 percent than below 3 percent. Mortgage rates have more than doubled since 2021, when a 30- year loan could be had for less than 3 percent, Federal Reserve data shows, and they have remained above 6 percent for more than three years.