I remember the interest rate on the house mom and pop bought in the mid 70s was like 18 percent!!
Seems like a lifetime ago.
God forbid it ever goes that high again, housing prices will plummet.
I was trying to buy a house back then, and every time I had enough to make the 20% down payment the inflation had raised the prices of housing. Very frustrating time to be sure.
Some say that interest rate spike periods are ideal times to buy. The rate has to peak and come down after the economy is choked off.
That is, if the powers that be aren't endorsing modern monetary theory--MMT--and printing the currency and inflation into the wild blue yonder.