Change in US mortgage interest rates: Number of high interest rate homeowners surpasses low interest rate group

The U.S. housing market has recently crossed a noteworthy milestone: the number of Americans with mortgage rates above 6% has surpassed those with rates below 3%. This change is important because the ultra-low interest rates during the pandemic have been a key issue in the U.S. housing market. People are reluctant to sell their homes because it means giving up low-cost loans and taking on much higher new loans. According to Federal Reserve data, since 2021, mortgage rates have more than doubled, and the level of 6% or above has been maintained for over three years. Homeowners with low rates choose to "stand still", resulting in a decrease in inventory and causing inventory shortages and soaring prices - a phenomenon known as the "mortgage lock-in effect". Nick Gerli, CEO of the real estate app Reventure, pointed out on the social platform X the reversal of this interest rate group and stated, "Future homeowners' average rates will continue to rise, which is actually a good thing because it will weaken the mortgage lock-in effect. As the lock-in effect weakens, future market inventory may increase significantly."