Sorry, Fed, Most U.S. Mortgage Rates Were Locked in During Pandemic Lows

Bloomberg, March 3, 2023–Ben Holland (subscription)
More than 40% of all U.S. mortgages were originated in 2020 or 2021, when the pandemic drove borrowing costs to historic lows. That’s good news for homeowners who locked in cheap loans, but not so great for the Federal Reserve as it seeks to cool the economy by raising interest rates.
https://www.bloomberg.com/news/articles/2023-03-03/most-us-mortgages-are-pandemic-vintage-locked-beyond-fed-reach