Shift Occurring in US Housing Market as Mortgage Lock Loosens Up
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More older lower-rate mortgages are being replaced by newer borrowing with higher financing costs, gradually pushing up the average loan rate for US homes, Intercontinental Exchange Inc. data show.
Four million first-lien mortgages originated since 2022 have a rate above 6.5%, and about 1.9 million these have a rate of 7% or higher, according to the ICE Mortgage Monitor Report.