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In 1988 I got my first mortgage. The going rate was 18%. I paid several thousand dollars to buy down the rate to 16%. A few years later I refinanced to 13%. Several years after that I refinanced again down to 9,75%. By the time rates settled down around what was considered normal, around 6-7%, the balance was so low it didn’t make financial sense to refinance again.
I have to laugh at the word “onerous” in the headline. The 0% prime rate was NOT normal and nearly free money interest rate of 3-4% was not normal. Sometime after 2008, T Rowe Price published a report stating world wide interest rates were the lowest they have been in the last 5000 years!!!
Welcome to normal.