A: Low interest rates during the pandemic created today's "lock-in effect" of "staying put" for many

A $500,000 mortgage at a 2.65% rate was and is locked in at $1,976 a month. Today, that same $500,000 mortgage hovers around 6.5%, or $3,160 a month. It's no wonder that they say the second most powerful person to the U.S. president is the chairman of the Federal Reserve.