There’s no free lunch. Everything costs something, and most things measure their cost in money. So how does money measure its cost? In interest rates. And as everyone knows, the cost of money is going through the roof.
Mortgage rates are back over 7%. It’s difficult for people to wrap their spreadsheets around the fact that, in the annals of bank lending, the recent 3% level on mortgage rates was a tremendous aberration. Over the past five decades the mortgage rate was rarely lower than 5%. Only in the wake of the 2008 financial crisis did rates dip below 4%.
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