When Caleb Pepperday and his wife secured a 2.75% mortgage rate on their home in Pittsburgh in 2021, the young couple couldn't believe their luck. Buying when interest rates were at historically low levels in the U.S., the Pepperdays received one of the most enviable loans in home ownership.
Just two years later, the couple sold to move to Montana—losing the rate and becoming renters again in the process. "We thought we were going to stay in that house for a long time," Pepperday, 27, tells Fortune. "But things change."
