I had a 15 plus percentage mortgage with “Peanuts Carter.” So I don’t have a lot of sympathy for bitching about 5% mortgage rates. The sub 3% rates of not to long ago were unrealisticly low. If you were smart or lucky enough to grab that rate, good for you. I haven’t had a mortgage in 15 plus years.
And so what if the value of your house drops a bit, if you’re not selling, ride it out. The real estate market always has had its ups and downs but trends up over time.
Just remember that cost of living back then was way less than it is now as far as % income required for housing, essentials, vehicles etc. So it's not really apples to apples when you consider all of it together.
I’m not sure about that. Carter screwed up so bad interest rates went nuts, I had one at 17% as everyone said it was the new norm. At the same time there were lines to get gas which nearly doubled in price, utilities went way up, and so did most everything else including food etc.
The cost of living went up very fast.
Osky
