To ponder how truly distorted markets were, The Fed was such an eager buyer of A paper MBS that Rocket refid me into a 1.99/15 yr (12 day closing - auto appraised!!) and they gave a 5 figure lender credit that returned $300 back at the closing table. In what world is that something anyone wants in their portfolio except me?
That was the market rate at the time and your loan was purchased by Fannie or Freddie. Just like with stocks, the price of MBS bond where your mortgage sits has adjusted down and is trading with a yield that is closer to today's interest rates. Remember that as long as the investor holds the bond until maturity or payoff they do not lose a penny but missed out opportunity cost is a whole other story.