For the first time, the number of homeowners with mortgages above 6% has outpaced those with borrowing rates under 3%, according to Realtor.com's latest report on the lock-in effect.The last time rates were under the 3% threshold was between July 2020 and September 2021. Rates haven't fallen below this threshold since 1971. Since September 2022, rates have remained above 6%, keeping many would-be sellers "locked in" to their current rate and keeping potential buyers sidelined, which hindered the U.S. housing supply. With limited inventory and growing competition for homes, home prices remained...

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