The share of below-3% mortgages outstanding declined in Q2 to 20.4% of all mortgages outstanding, the smallest share since Q2 2021, according to data by the Federal Housing Finance Agency. The share ...

In other words, the typical mortgage borrower would be exchanging approximately a 4% mortgage rate for a 7.45% mortgage rate if they were to sell and buy a different home today. That’s a tough ...