agree, good summary. in very simplifying algebra, if you have a fixed mortgage rate r and a market interest rate i, then you'd expect the wholesale market price

agree, good summary. in very simplifying algebra, if you have a fixed mortgage rate r and a market interest rate i, then you'd expect the wholesale market price p of the loan to adjust such that i ~ r/p plus some markups for risk, cost, profit,... so if r is fixed and i is pushed up by the Fed, then thing that has to give is p (going down), even if the risk markup doesn't change