I can remember here in Pittsburgh PA in the early eighties when the steel mills shut down and we were still using newspapers and telephone books and the interest rate was 18%. People were still getting mortgages but people were also putting adds in the paper looking for someone to take over their new car payments. Early 90s I bought my house at 6.5 % refinanced at 5% and paid it off in 17 years. I guess my point is, why is is 8% so horrible as they say. Is it because of we were used to 1.5 to 3% or because inflation? I do not know a lot about economics.
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