>>>because mortgage rates are so damn high people cant afford to buy a home>>>
I know everything is relative, but most people don’t remember the early 80s. I was a mortgage underwriter and the interest rate on a home loan was literally, twice what it is today, and even higher. Fixed rate 30 year rates were 12 and 13 per cent. And I was so busy, I had to take files home at night.
Weird times...
***but most people don’t remember the early 80s.***
I remember it very well. Bought a house in 1977 at 8.5% interest. by 1980, the rates had gone up to 12 % and lenders were begging everyone to renew their loans at “The low rate of 12-14% and they would give you 125% the value of your property to do so!”
Lots of people did, and then came the crash.
Same thing happened again in the first years of 2000.