As Life Happens, “Locked-in” Homeowners Pay Off Below-4% Mortgages: Share Drops to 54%, Lowest since Q4 2020

The 30-year mortgage with a fixed rate of 3% for the duration of 30 years was as close to free money in an inflationary world as regular folks can get, and it would make sense to hang on to it and never move and never refinance the mortgage and never do anything that would jeopardize this mortgage.