People got used to non-normal 3% rates.
Yet if one takes a longer view of the U.S. economy and mortgage-rate trends, the data clearly show that the 30-year rate is nowhere near its peak. In the 1980s, that rate went up to 18%, more than double where it was as of early June 2024.
In fact, based on historical averages, mortgage rates are closer to a “normal” rate now than they were during the pandemic, Doug Duncan, chief economist at Fannie Mae told MarketWatch in an interview.
….
Between 1950 and 2000, the 30-year fixed-rate mortgage averaged roughly 6%, Duncan said.
Mortgage rates at 3% were an ‘anomaly.’ Here’s what a normal 30-year rate looks like. (msn.com)
Of course, you can follow the mass media misinformation authoritatively quoting a not very bright 21 year old making TikTok videos to tell you that Baby Boomers, who were buying homes in the early 1980s, had it easy, never had to compete for jobs, mortgage rates were low and everything they had was wonderful: How to show you know nothing of history without saying you know nothing of history – Social Panic (coldstreams.com)
