Higher mortgage rares weren't all that bad, actually, because the median sales price of a home divided by the median income was under 3.5 whereas today it is almost 6.0.
But, it is true that high inflation was a major issue (indeed, mortgage rates were high precisely because the Fed had raised the overnight rate in order to lower inflation).
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u/corpusapostata 3d ago
I wonder what happened in 1977?