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They've actually been comparable to mortgage rates. My car and house purchased in 2020 are both 2.75, now houses and cars are more in the 7 range depending on y
by sanex 3y ago
They've actually been comparable to mortgage rates. My car and house purchased in 2020 are both 2.75, now houses and cars are more in the 7 range depending on your credit.
- indigodaddy 3y agoHouses are high 7’s now and could easily go higher. Crazy time
- sanex 3y agoI think that's more normal. When my parents bought I think they said it was 13 in the late 80s. We've just been spoiled by ZIRP
- lenerdenator 3y agoThe economy got addicted to cheap money. 7% is historically pretty reasonable. The problem for houses is that we didn't build any after the 2008 crisis and the baby boomers have enacted a lot of policies for themselves that cut their property taxes at the expense of young people who want to buy their first home.
- pc86 3y agoIt's only "crazy" if your context is an aberrant period of time when borrowing huge sums of money was basically free. Plenty of people alive today bought homes at 8, 10, 12, 15% interest rates.