Mortgage rates are high right now, but just one-tenth of existing mortgages have an interest rate above 6%, and that imbalance has significant ramifications for the housing market
Elevated mortgage rates may be slowing home sales and cooling the for-sale market, but they're also limiting housing inventory, which is sending prices to new highs
Existing homes for sale are dwindling as homeowners hold onto their ultra-low mortgage rates, and with few other options, buyers are turning to the new-home market