Why some Denverites are moving, despite higher rates

What they're saying: Homeowners need to move, so price reductions and mortgage rate buy-downs are common. "It's almost a buyers' market at this point," Denver agent Kelly Moye says.

The big picture: Many U.S. homeowners feel locked into their current mortgage.

• Those with a mortgage rate below 3% say their likelihood of moving in the next three years would soar from about 17% to 28% if they could keep their current loan, per recent surveys from the New York Fed.

What's next: More golden handcuffs could start to loosen. Optimism has grown that the Federal Reserve will start cutting interest rates in September, Axios' Felix Salmon reports.