For many Americans, homeownership became a reality during the years of ultra-low mortgage rates following the 2008 financial crisis, an environment that essentially lasted all the way up until the Federal Reserve's campaign to raise interest rates, which started last year. Many were even able to take advantage of refinancing opportunities as recently as 2021 or late 2020 when rates dipped below 3%. In fact, over 50% of all outstanding mortgages originated in 2020 or after.
