More Americans are carrying higher mortgage rates: 20% of mortgages in the US now have rates greater than 6%, the highest share in 11 years. This percentage has increased FIVEFOLD over the last 3 years. At the same time, the share of mortgages with rates less than 3% has declined 10 percentage points, to 24%, the lowest in 4 years. This comes as more homeowners let go of low-rate pandemic-era mortgages. As this trend accelerates, we should expect an increase of supply in the housing market. Keep watching housing supply.