The chart of the week looks at the amount of mortgages by their interest rate. We have covered the huge increase in interest rates lately and this chart makes a 6-7% mortgage rate seem like an outlier for those currently looking to buy a residence. The main reason so many people have low mortgage rates is because they either bought when interest rates were low or were able to refinance from higher rates. So while we would have all loved to lock in a sub-3% mortgage rate, the potential to refinance in the future does still exist.

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