Lock-In Slowly Melting As More Buyers Accept Higher Rates
The rate lock-in effect is slowly melting away as homeowners find they can’t avoid near-7% rates. Across the country, 17.2% of homeowners have mortgage rates greater than or equal to 6%, the highest share since 2016, according to new data from Redfin. This is up almost 5% from 12.3% in Q3 2023. Redfin suggests this…