If you lived through the 1980s, today’s 7% mortgage rates probably don’t sting as much as they do for those who weren’t around, or weren’t buying a home; and they hurt even more if you recall the historic lows throughout the pandemic.
In October last year, mortgage rates reached a more than two-decade high; they’ve come down since, but are still a far cry from the rates of a few years ago. The sudden shock has thrown the housing world off balance, but according to a top real estate chief executive, there’s a magic number that could get it closer to an equilibrium.
