14 million mortgages were refinanced during the pandemic due to low rates
During the early days of coronavirus pandemic in 2020 and 2021, mortgage rates fell sharply, and millions of homeowners jumped at the opportunity to refinance.
The 30-year mortgage fell down to 2.65% in early January of 2021
“The mortgage refinancing boom is over, but its impact will be seen for decades to come,” Andrew Haughwout, director of household and public policy research at the NY Fed, said in a statement
MarkretWatch 15May 2023
Golden handcuffs refer to anyone who borrowed at 3% mortgage rates
and how they’re unlikely to roll that mortgage into a 7% mortgage.
U.S. existing-home prices fall nearly 1% in March
More than 40% of all US mortgages were originated in 2020 or 2021
The market price of houses has risen a lot.
The amounts are staggering.
The total value of US homes peaking at $47.7 trillion in June 2022.
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