It was 8.5% when I bought a house in 1992. We will survive.
8.5% on what?
8.5% on 80k is a lot cheaper then 6.7 on 500k.
11.5%.
Everything in the market is directional:
10% to 8.5% is good.
4% to 5% is bad.
This bump in rates exacerbates what was already an affordable housing crisis.
[My rate in 1987 on a 30-year mortgage was 10.25%. On our second home purchase in 1999 it was 7.5%.]
“It was 8.5% when I bought a house in 1992. We will survive.”
Bought my first house in ‘91. I had to pay points to get the interest down. I was delighted to get it into single digits 9.8% !