Where homeowners still feel locked into mortgages

Data: Cotality Mortgage Analysis; Map: Jacque Schrag/AxiosOne bright spot in this bummer housing market: More listings are shaking loose.Why it matters: Some homeowners sitting on low mortgage rates are finally selling.By the numbers: Inventory in 20 of the 50 largest U.S. metros topped pre-pandemic norms in April, up from 18 in March, per Realtor.com.Yes, but: The mortgage "lock-in effect," as experts call it, isn't going away anytime soon.In all 50 states, over half of mortgages have rates below 4%, according to Cotality, an industry data provider.In California, Utah and North Dakota, the share hits 71%. Nationally, it's 62%.Between the lines: Most who took out new mortgages in recent years have rates above 6%.The average rate on the 30-year mortgage hasn't dipped below 6% since 2022, according to Freddie Mac.Zoom in: States with more mortgage originations over the past three years see more loans with rates at 6% or higher, says Molly Boesel, principal economist at Cotality, formerly known as CoreLogic.What's next: Mortgage rates aren't expected to fall much this year and home prices continue to rise.Many buyers — and homeowners looking to refinance — await any chance to lower their monthly payments.

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