For the first time in years, more homeowners have a 6% mortgage rate than a 3% one. That’s great news for frustrated buyers.

But by the end of 2025, more homeowners had crossed over to the other side, taking on mortgages with rates of 6% or more.The “ lock-in effect ,” where homeowners who didn’t want to give up their relatively low rates refused to sell their homes, effectively froze the housing market. That lack of inventory for sale pushed home prices up, creating affordability challenges for all but the wealthiest of buyers. Many would-be homeowners have been forced to delay buying their first house: The median age of a first ...