My first mortgage was 10.25%, but the issue isn’t the abstract number, it’s the direction of rates. The velocity of change counts too.
My VA in 76 was 8%. My next purchase, due to a move, had a 13% note in 1980. I was really up against it at 13% but looked fondly at is later as the rates actually got to close to 18% by 81.
in 81, 25 yr zeros were paying 9.7% (thank you Bob Brinker). Historically rates are still low but the rapid rise is going to catch many in a bind, either because they cannot sell their homes with mtgs at 3% or because for some dumb reason they have adjustable mortgages-doubling interest rates almost halves the leverage ability to buy.
Then again, perhaps these are transitory. IMO, they don’t extend those tax rates, the GOP will be history in the next election.