Supporting context · headquarters geography
Current portfolios · all coupons
By institution headquarters. Select a state to explore its institutions.
LowerHigherEqual-size state tiles · not property locations
Low-rate mortgages · public evidence
Mortgage lock-in explorer
Explore the low-rate mortgage stock and the lenders behind the 2020–2021 origination vintages.
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What changes when rates change?
Adjust an illustrative fixed-rate mortgage to see how its scheduled cash flows are valued at a different discount rate.
Set your assumptions
All inputs are hypothetical. The discount rate is user-selected, not a live market quote.
Value across discount rates
Scheduled principal and interest discounted monthly; no prepayments, defaults, servicing costs, fees or option value. This is not a fair-value estimate or an accounting conclusion.
Why this matters for lock-in
A fixed coupon leaves scheduled payments unchanged as market rates move. This model isolates that relationship; actual borrower mobility, prepayments and lender economics need additional evidence.
Read FHFA’s lock-in research ↗