The 30-year fixed-rate mortgage is as American as apple pie. But it wasn’t always this way, and it’s putting the housing market in a tough spot lately.

A substantial amount of homeowners with low-rate mortgages are choosing to stay put in their homes rather than selling and buying a new one at higher rates. It’s created what’s known as a lock-in effect.

“They might not be in their ideal house, but they have this great deal on a mortgage right now,” said Andra Ghent, professor of finance at the University of Utah. “We sort of have this mismatch.”

On the show today, Ghent explains how a 30-year fixed-rate mortgage came to be in the United States, why it’s now putting the housing market in a bind, and how our mortgage system perpetuates inequality. Plus, could the Danish mortgage model work here?

Then, we’ll get into why the Federal Trade Commission is eyeing pharmacy benefit managers, the third-party companies that negotiate drug prices between health insurance providers and drugmakers. Plus, the latest economic outlook from Federal Reserve Chair Jerome Powell.

Later, We’ll hear how one listener is pushing back against feelings of hopelessness. And, an editor at The Points Guy shares the story of a travel lesson learned.

Here’s everything we talked about today:

• “Why do we have a 30-year mortgage, anyway?” from Marketplace

• “A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up” from The New York Times

• “A 30-Year Trap: The Problem With America’s Weird Mortgages” from The New York Times

• “Denmark’s genius housing fix” from Business Insider

• “Homeowners Don’t Want to Sell, So the Market for Brand-New Homes Is Booming” from The Wall Street Journal

• “FTC Releases Interim Staff Report on Prescription Drug Middlemen” from the Federal Trade Commission

• “F.T.C. Slams Middlemen for High Drug Prices, Reversing Hands-Off Approach” from The New York Times 

• “State Pharmacy Benefit Manager Legislation” from the National Academy for State Health Policy

• “Prescription Drugs: Selected States’ Regulation of Pharmacy Benefit Managers” from the U.S. Government Accountability Office

• “Fed Chair Powell talks up progress on inflation but says rate cuts not imminent yet” from CNN Business

• “Software and social media to grab Congress’ attention” from Marketplace

We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.