The US housing market is sending some interesting signals. High-rate mortgages—anything above 6%—now account for 21.2% of all new loans. That's the highest we've seen since 2015. Pretty wild when you think about it: this share has nearly tripled in just two years since 2022. Meanwhile, the other end of the spectrum tells an equally telling story. Those sub-3% rate mortgages that dominated the market? They've cratered, dropping 4.4 percentage points to 20.2%. What does this mean? The mortgage landscape has fundamentally shifted. Borrowing costs have become a serious constraint, and it's reshaping how people approach real estate. When housing—one of the biggest asset classes globally—starts moving like this, it ripples across financial markets. Worth keeping an eye on.