“just to hit ‘average’.”
I remember 1980-81......
all these whiny little twits who complain about 7%
need to look at some history.
We are still behind the curve, just pushing inflation forward.
We should be at 10% ... and if the fed is not carefull an backs off to soon... well ... happy days are here again(1980)
WIN...
all these whiny little twits who complain about 7% need to look at some history.
Too many have gotten too used to cheap money of the last 15 years.
Sounds ominous, except that a 5%-6% interest/mortgage rate was historically considered 'the norm' going into the Carter years and 8%-10% was 'the norm' until the GWB real estate crisis that shrank interest/mortgage rates to historically low levels.
1920-34 near 6% mortgage average1
1935-45 just under 4.5% mortgage average1
1960 - 5.1% mortgage average2
1971 - 7.3% mortgage average1
1980 - 13.7% mortgage average2
1981 - 16.6% to 18.45% mortgage average2
1990 - 10.1% mortgage average2
2000 - 8.1% mortgage average2
2010 - 4.7% mortgage average2
2020 - 3.1% mortgage average27.74% is the long term average3
sources:1Mortgage Rate History: Check Out These Charts from the Early 1900s
2Here's how much home prices have risen since 1950
3Kiplinger: The Magic Mortgage Rate Number to Tip the Housing Market