Home buyers under the age of 45 have never seen home mortgage rates this high. Back in the early 80’s, if you were lucky you could assume someone’s VA loan and get an 8% rate, and a 2nd for the difference... or, start fresh with a mortgage pegged at around 12%.
Rates have stayed low for so long, many potential buyers will walk. That 12% rate on a 50k home loan might have cost you an extra $100 then, but with the typical 250k loan today, it’s more like $300 a month. Yipes!
I remember getting a 13% or thereabouts mortgage in 83.
Luckily because I was moving and changing jobs, the new employer gave me an interest rate subsidy payment for 5 yrs.