Slide 1
Ultra-low mortgage rates below 3% during 2020–2022 created today’s housing market lock-in effect.
Slide 2
Homeowners keep ultra-low loans because moving means paying much higher mortgage rates today.
Slide 3
This lock-in helped push existing home sales nearly 25% below 2019 levels.
Slide 4
Mortgages under 4% still represent about half of all outstanding loans.
Slide 5
However, low-rate mortgages are slowly fading as homes sell and loans get repaid.