Mortgage rates are at their highest level since the Great Recession...

[progree]

7. Median house price was 3x median income in the 80s, it's close to 7x now

https://www.democraticunderground.com/100216658196#post8

The mortgage payment is essentially the interest rate X the house price (yes I know its a bit more than that to pay down the principal over 30 years or whatever the term is, and yes I know the formula). Am tired of boomers bragging about how super-high mortgage rates were in the 80's and how horribly tough their lives were, and how the Gen-Z and millenials have it so easy and blah blah blah blah blah. They leave out the house price part of it.

I am a boomer and bought my house in June 1980, so I know what high mortgage rates are. Yes, it was hard, but not impossible -- house prices were about 1/5 of what they are now.

As for higher mortgage rates -- they don't help anyone except the bank. They slow down the price increase (so far), maybe lower prices in some areas, but when you multiply the mortgage rate by the house price, the mortgage payment is a higher number than before. Tell me the mortgage payment is coming down and I will start cheering. Ecstatically.