I wonder if this is partly the outcome of banks declining to offer any sort of meaningful ROR on savings accounts? Bank of America (for example) is offering 0.01%, although this rises to a whopping 0.04% for super-preferred customers. Yet they want $8/month to service the account unless there's a minimum balance of $500. Meanwhile, their mortgage rates start at 6.37%.
https://www.bankofamerica.com/deposits/savings/savings-accou... https://www.bankofamerica.com/mortgage/fixed-rate-mortgage-l...