During the pandemic, mortgage rates fell to all-time lows. In the last year they have risen dramatically. See the following graphic to get an idea of what the 30-year fixed rate has looked like over time.

30 Year Fixed-Rate Mortgage Average. Link: https://fred.stlouisfed.org/series/MORTGAGE30US

Research and discuss how the pandemic and mortgage rates have impacted the housing market over the last few years. Use evidence to support your response and incorporate formatted in-text citations and references to credit your sources.