“Crushing” mortgage rates.
Someone forgot about the early-mid 1980’s.
Someone is looking at a singular measurement.
What was average income to average home price then?
Now?
Do you have a pension? Does anyone remotely new to the workforce?
No kidding. I bought my first home in ~1982. 14% interest. And I was glad to get it. Down from 25%.
Agreed. The current mortgage rates are the highest they have been since 2001, but that's because the mortgage rates over the last few years have been well below average. Specifically, the average mortgage rate from 1971 to date is 7.41%, which is slightly higher than the current average rate. From 1971 through 1999, mortgage rates averaged between 7.88% and 12.82% with a high of 18.63% in October 1981 (thank-you Jimmy Carter). Yes, the rates are high compared to the last 10 years, but they are by no means "crushing" compared to the 50 year averages.
https://money.usnews.com/loans/mortgages/articles/historical-mortgage-rates