But homeowners can’t do that. If you're a homeowner with a 3% mortgage you obtained when you bought or refinanced your home in 2021, that mortgage bond is currently worth about 85 cents on the dollar. If you have a $300,000 mortgage, you have an intangible asset worth around $45,000, but you can’t go back to your lender and ask for a check. What you can do is treat it as cheap credit that can finance higher-yielding investments. There was an aphorism in the mid-20th century known as the 3-6-3 rule that described the sleepy regulated banking world of that era. It referred to bankers who collected funds by paying 3% interest to depositors, lent out that money at 6%, earned the spread between the two rates and made it to the golf course for a 3pm tee time.