Many years ago, when I broke into real estate sales, mortgage interest rates were pushed to nearly 19% for a brief period; that was the end of 1980. I had borrowed money for one of my first homes at 11.125 % in 1979 and considered myself lucky!
But these historically high rates began trending downward, making housing more affordable for more people.Rates hovered around 12% in the late 80’s, and the 8% range prevailed during most of the 90’s. The turn of the century saw rates begin to drop into the range of today’s fabulously inexpensive range under 5%; 3.5% to 4.5% is where we have been for the last several years.
It’s fair to assume you and I couldn’t afford the hous...