Slide 1 Ultra-low mortgage rates below 3% during 2020–2022 created today’s housing market lock-in effect. Slide 2 Homeowners keep ultra-low loans because moving means paying much higher mortgage rates today. Slide 3 This lock-in helped push existing home sales nearly 25% below 2019 levels. Slide 4 Mortgages under 4% still represent about half of...