There are a lot of other benefits of buying with high interest rates - namely that the U.S. 30-year mortgage allows you to refinance if rates drop. So that 18%

There are a lot of other benefits of buying with high interest rates - namely that the U.S. 30-year mortgage allows you to refinance if rates drop. So that 18% headline rate quickly became ~10% or less after refinancing a few years down the road (not to mention paying for houses with depreciating dollars because of the 70s inflation). You don't get the same optionality if you buy with interest rates at an all time low. Housing affordability is actually at an all-time low right now, close to 1982 levels, after the interest rate rise. https://www.atlantafed.org/center-for-housing-and-policy/data-and-tools/home-ownership-affordability-monitor https://www.atlantafed.org/center-for-housing-and-policy/dat...