I’m finishing up a mortgage which is fixed at 3% or so. I get fliers in the mail from banks telling me that this a GREAT time for me to refinance! They can get a rate under 8%. Adjustable rate, of course.
That;s why housing prices are so out of control- no one wants to sell a house, pay off a 3% mortgage, then buy another home and take an 8% mortgage, regardless of the amount of equity in their home.