Just looked back at some mortgage data from December 2020 and it's wild how low rates got. Around that time, the 30-year fixed was hitting all-time lows near 2.7-2.8% depending on the source. People were refinancing like crazy - applications were up almost 90% year-over-year. But here's the thing: even with mortgage rates at historic lows, volume was actually dropping. Seems like people were getting nervous with COVID cases spiking, so they weren't jumping on deals despite the rates being insanely cheap. The MBA survey showed borrowers were paying more points just to lock in those rates. It's interesting because you'd think record low mortgage rates would mean everyone's buying, but the seasonality plus economic uncertainty kept things pretty cautious. The Fed was basically signaling they'd keep rates near zero for a while, so there wasn't much urgency either. Makes you wonder how different things would've played out if people had been less hesitant back then when December 2020 rates were at their absolute floor.