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orangesfwr t1_iu2n16j wrote

Reply to comment by fairak17 in Pro-LGBTQ+ PAC Targets Penn. Republican Candidates Oz and Mastriano by wdcmsnbcgay

Interest Rates have been artificially low for nearly 15 years. The strength of the economy over the last two years is the only thing allowing interest rates to go back to "normal" so aggressively.

There was a time that a 7% mortgage would be considered amazing for the buyer.

With any economic measure some will consider it a good thing and others will consider it a bad thing.

The stock market is down this year, but it was also up 10 of the preceding 13 years, with two of those 3 other years being essentially flat. Historically, that's an anomaly.

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Sprinkles_Hopeful t1_iu2okt9 wrote

You are correct interest rates were at about 7% at the end of the '70s and let's not remember interest rates being 18% under Ronald Reagan that's when the housing market blew up but like everything else it corrected itself

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jdi000 t1_iu6k8sx wrote

This was bc of the failure of the jimmy Carter administration. Let's also thank jimmy for banning the recycling of commerical nuclear waste for all the lost jobs and income that was lost. Let's be real a president has little impact during his presidency and any benefits of programs usually show up years later.

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momlin t1_iu4nwzv wrote

We had a mortgage interest rate of 7% in 1975 and thought that it was a steal.....

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