“Why should we have 3% mortgage rates? It just artificially inflates the value of the asset.”
It sounds like you didn’t start tracking the financial markets yesterday! When I began my finance career mortgages fetched 13%+!
My first car loan was at 13%. My first mortgage at 8.5%. Interest rates were kept way too low for way too long. Its nice getting a return on cash for the first time in a long time!
“When I began my finance career mortgages fetched 13%+!”
With at least $10k down. Couldn’t afford it, I was pressing 40 yoa before I could afford a townhouse. Broke even through the 90’s then in ‘03 I made a profit, moved to an area with a lower cost of living, bought a 3 year old house paid in full.
And here I sit, couldn’t move if I wanted to, but it’s a nice area.