(NewsNation) — Nationwide, 17.2% of U.S. homeowners with mortgages have an interest rate greater than or equal to 6%, according to a new Redfin report.

It’s the highest rate since 2016, with the percentage of people paying that rate rising nearly 5 points from 12.3% in Q3 2023, according to Redfin.

On the other hand, 82.8% of homeowners with mortgages still have an interest rate below 6%. Many homeowners have chosen to stay settled instead of selling and buying another home at a higher rate, also known as the “lock-in effect,” according to Redfin.  

The “lock-in effect” is starting to ease, however, as Americans grow accustomed to elevated rates, and, as Redfin notes, it’s not realistic to stay put forever.

Americans also accept that rates won’t return to pandemic lows anytime soon, and many homeowners have enough equity to justify selling and taking on a higher rate, especially if downsizing or moving somewhere cheaper.

Plus, a rising share of Americans are mortgage-free, which means they’re not locked into any rate at all, Redfin added.