In the ’80s, Mortgage Rates Were Almost Three Times As High — But It’s Still Harder To Buy a Home Now
The 30-year fixed-rate mortgage hit 6.70% this week, sending some prospective homebuyers into a frenzy, and others backing out of contracts in droves. While the recent hikes are jarring, it’s actually nothing compared to rates back in the 1980s. In September 1981, a 30-year fixed-rate mortgage was at a double-digit high of 19%. Connie Strait,…