John - Rates Were 12% in 1985...
My Response to the Past Mortgage Rates Debate.. Add me on IG @thisisjohnwilliams
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2) https://www.cnbc.com/2019/10/09/americans-spend-twice-as-much-3) on-health-care-today-as-in-the-1980s.html
In the 70's and 80's it was normal to have an interest rate of 10% of 15% however back then the costs of living in relation to income was much less. The economy as a whole was different, today the housing costs in America are roughly $400,000 to the traditional home. We have on top of this rising health care costs, rising gas prices, rising education costs, rising food prices, higher insurance costs and incomes are simply not keeping up.
I receive so many comments from people about how rates were high back then and that is where they should be. The big problem with increasing rates to what they were in the 1980's is that the entire housing market would collapse and people would lose everything.
Their living costs would triple overnight and we would see mass unemployment reminiscent of 1929 - it would be the biggest financial crash and recession the history of the world.
The entire economy we live in today is based on 0% interest rates. However Jerome Powell intends to continue to increase interest rates, each time he does, he will pull inflation back and cool down the economy but we are just one hike away from economic ruin.