The housing market hasn’t collapsed despite 8% mortgages, because 23% still have mortgages below 3%

Prior to 2020, just ~4% of all outstanding mortgages had an interest rate below 3%.

Now, a massive ~23% of all outstanding mortgages have an interest rate below 3%.

The share of borrowers that have an interest rate of 4% to 5% fell from 40% to 20%.

Meanwhile, just 9% of all… pic.twitter.com/820WdhZgDu

— The Kobeissi Letter (@KobeissiLetter) September 24, 2023

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— Win Smart, CFA (@WinfieldSmart) September 25, 2023