I remember. It took Reagan/Volcker to get rates down. Now Biden is doing a Carter.
Yep.
Mrs. Wills and I bought our first home in 1987, while Ronald Reagan was still president. The initial rate, with points at the time, worked out to 14.5%. We refinanced a few years later while Bush was in office, and thought we’d gotten a great deal when the refi rate was “only” 12%.
The interest rate on mortgages has been higher than it is now for the majority of the last 40+ years. It will come down again, but those declines in the past have followed things like the “Dot-com crash” and then the 2008 financial meltdown over junk mortgages.