Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows
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More than 40% of all US mortgages were originated in 2020 or 2021, when the pandemic drove borrowing costs to historic lows and triggered a refinancing boom, according to data from Black Knight.
That’s good news for all the homeowners who locked in cheap loans — but maybe not so great for the Federal Reserve, as it seeks to cool the economy by raising interest rates.