Just for reference, in a sane market a property should rent for somewhere around 1/100 it’s purchase price. So you know it’s a mess when you couldn’t rent a home out without losing money, it means the market is full of speculators, not investors.
The central banks actually have limited control over mortgages, they can only set the overnight rates. Everything else is markets, and the movements of those rates can vary quite a lot from the overnight.
