You said it right. We paid on our house at 9% rate and got it paid for. When rates went to 5 1/2%, any one and his dog could buy a house which is a good thing, except they purchased more than they could pay for. Instead of puchasing a home they should afford based on one salary, they went for the big home which cost more and higher payments, then he may have gotten sick, she may have got pregnant, they may have lost their jobs. This insanity has got to stop and people start living with one wages earners means.
7 to 7 1/2 % is a very good interest rate on any mortage and should keep those 1st time homebuyers purchase the home they need instead of going for something they WANT, just to keep up or better that the JONES.
Not only have the foxes in the hen house been stealing themselves, and the tax payers, blind, but they completely ignore the saving incentive. A pass book savings account should have some sort of interest earnings.