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Golden handcuffs in the U.S. housing market remain firmly locked, with COVID-19 pandemic‑era mortgage rates still accounting for about half of all outstanding loans.
At the onset of the COVID-19 pandemic in 2020, the Federal Reserve slashed interest rates to zero percent to cushion the economic blows of the public health crisis.
The decision fueled historically low borrowing costs across the economy. Homebuyers and homeowners who refinanced were some of the chief beneficiaries, as millions of households locked in 30-year mortgage rates as low as 2.65 percent.
Several years later, these loans continue to account for a large share of the U.S. mortgage market….
At the onset of the COVID-19 pandemic in 2020, the Federal Reserve slashed interest rates to zero percent to cushion the economic blows of the public health crisis.
The decision fueled historically low borrowing costs across the economy. Homebuyers and homeowners who refinanced were some of the chief beneficiaries, as millions of households locked in 30-year mortgage rates as low as 2.65 percent.
Several years later, these loans continue to account for a large share of the U.S. mortgage market….
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