Most US Mortgage Rates Were Locked in During Pandemic Lows

 More than 40% of all US mortgages were originated in 2020 or 2021

New buyers have to pay 7% or more. But the large majority of American homeowners have fixed mortgages, mostly much cheaper than today’s going rate. Those who refinanced in the pandemic have locked in extra purchasing power for potentially decades ahead.

The last time the Fed hiked rates by a comparable amount was in the mid-2000s when adjustable-rate mortgages were widespread. The result: Housing markets crashed — and not long afterwards, so did the world economy.

Bloomberg 3 March 2023

https://www.bloomberg.com/news/articles/2023-03-03/most-us-mortgages-are-pandemic-vintage-locked-beyond-fed-reach


M10 and the house prices

The dominant amount is found in your own house.  The market price of houses has risen a lot.

The amounts are staggering.

Englund blogg 1 March 2023

https://englundmacro.blogspot.com/2023/03/m-10-and-house-prices.html



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