Super-low mortgage rates below 3% from 2020 to 2022 caused a frozen housing market, with existing home sales down nearly 25% and mortgage applications down 35% from 2019. Many homeowners with ultra-low rates are reluctant to move due to higher current rates and prices. The share of mortgages below 4% has declined slowly from over 65% in early 2022 to 50.6%. Adjustable-rate mortgages remain low at around 4%. Mortgages with rates above 6% have risen to 21.9%, the highest since 2015. The Fed's policies pushing rates below inflation triggered a housing boom and long-term market challenges.