Roughly a quarter of Michigan homeowners with mortgages have a rate below 3%, per Redfin data shared with Axios.

• Those low rates are locking homeowners in place, which then leaves potential buyers with fewer homes to choose from, Axios' Brianna Crane reports.

Why it matters: Mortgage holders are experiencing the "golden handcuffs" phenomenon: They might have a great rate, but if they want to relocate or find another home, they likely can't do so without spending a lot more cash, explains Redfin chief economist Daryl Fairweather.

By the numbers: Just 8.7% of Michigan homeowners had a mortgage rate above 6% as of October 2022, per Redfin.

• Almost 10% of them had a rate of 5%-6%, while 21.1% were at 4%-5% and the largest percentage, 39.2%, were at 3%-4%.

What they're saying: "Many people have decided to sit on the sidelines — 'Let's stay in our home for now; we can save up our money for a higher down payment down the road,'" Gino Tozzi, a member of local real estate data company Realcomp's board of governors, tells Axios.

• Tozzi, also a broker with Real Estate One, points to historically low inventory as a long-term problem in Metro Detroit — not just because of people opting to stay in their current homes, but also builders bringing little new inventory to market.

Zoom out: Nine in 10 U.S. homeowners secured mortgage rates below 6% as of late 2022, per Redfin. Meanwhile, mortgage rates have swung between 6% and 7% nationally in recent months.

Meanwhile, buyers are also exploring adjustable-rate mortgages or buydowns in hopes of a lower monthly payment, Fairweather says.

Reality check: Lower rates could loosen up some supply, but not enough to meet demand.

• New construction isn't keeping up, either. Fairweather predicts it'll take the U.S. a decade to repair its housing shortage.

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After a 1-1 start, the Pistons are in the mix for a Summer League playoff run in Las Vegas.

Why it matters: It's not an actual playoff run, but fans aren't complaining much about getting the No. 5 pick in the draft anymore.

• The quality of talent that Ausar Thompson faced in the Overtime Elite league has been questioned, but through two games with the Pistons, he's shown the potential to make an instant impact.
• He looked poised during Sunday's loss to Houston, with 12 points, eight rebounds, six assists and three steals.

What we're watching: Second-year guard Jaden Ivey isn't at his best as the team's main ball handler. He struggled in the first game against Orlando but bounced back on Sunday with 22 points and 10 assists.

• Jalen Duren, still only 19, has been showing off an improved handle and jump shot. But how he and James Wiseman pair with Isaiah Stewart, who signed a four-year, $64 million extension on Monday, remains an open question.

What's next: The Pistons play the Raptors at 6pm tonight and the Spurs on Friday at 8:30pm before the four teams with the best record face off for the Summer League Championship beginning July 16.

• The Pistons won't see No. 1 overall pick Victor Wembanyama when they face San Antonio, as the team shut him down for the summer.

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Former Detroit City Council member and major civil rights activist JoAnn Watson died Monday at age 72.

• City Council President Mary Sheffield called Watson, who was also on the city's recently created reparations task force, a "one-of-a-kind freedom fighter who loved her people and the Lord." (Free Press)

🏗️ Target plans to open a 180,000-square-foot supply chain center where a since-demolished historic building once stood at the former Michigan State Fairgrounds. It will be near the new Amazon distribution facility by 8 Mile and Woodward Avenue. (Detroit News)

🐓 City residents are discussing potential changes to urban agriculture rules that stop people from keeping farm animals. The alterations would allow chickens and ducks but not goats and sheep. (Documenters)

⚖️ A judge ruled that Aretha Franklin's four sons will split her estate based on the document from 2014 that was under a couch cushion. (Detroit News)

👋 Annalise here. I recently asked for advice on what to do with the bounty from the mulberry-bearing tree that seemed to suddenly appear in my backyard a couple weeks ago.

• Since then I've frozen some and also used them to help make scones with local bakery Sister Pie's indomitable blueberry cornmeal scone recipe.

Details: Readers also weighed in on what I should do with all these berries.

😋 Tim S. suggested making a grunt — a "dumpling-topped fruit dessert that's cooked on the stove," per Martha Stewart. Say less.

• "What's great about grunt is that it's easy, you probably already have all the ingredients for it, and, since you make it on the stovetop, it's not too hard to make when it's so gawd awful hot like right now," Tim wrote.

🫙 Thomas S. said I should make jam with sugar or agave, pectin and a little lemon juice.

🍷 Kristin T. suggested mulberry wine, but since I still haven't finished the regular wine I bought months ago, I should probably refrain from adding on.

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✌🏼 Hey, Sam here, sweating outside the gates of one of my favorite parks in town.

• We're sending free Axios Detroit swag to five readers who reply with the name of this park and (hint) your favorite movie being screened there this summer!