https://www.siliconvalley.com/2023/05/01/jill-on-money-housing-affordability-still-tough/

If you want to see the effects of the Federal Reserve’s interest policy over the past three years, look no further than the nation’s residential real estate market.

In its effort to keep the economy afloat amid the pandemic, the central bank dropped interest rates to zero and purchased bonds. Accordingly, mortgage rates plummeted to all-time lows. As of the beginning of 2021, the average contract rate for a 30-year fixed rate mortgage tumbled to 2.65 percent.