Interest rates were double digits when we bought our first house (about forty years ago). We bought one with an assumable mortgage,and a low interest rate, which required a larger down payment. At the time I was disappointed about it, but my husband is a smart guy and knew what we could afford. He's still a smart guy and we paid off our current house in ten years. That wasn't easy, but turned out to be a great move. People need to stop buying property they can't really afford. We saw the effects of that in 2008 and later, when people couldn't afford their McMansions as interest rates shot up and they had variable rates mortgages.
Interest rates were double digits when we bought our first house (about forty years ago). We bought one with an assumable mortgage,and a low interest rate, which required a larger down payment. At the time I was disappointed about it, but my husband is a smart guy and knew what we could afford. He's still a smart guy and we paid off our current house in ten years. That wasn't easy, but turned out to be a great move. People need to stop buying property they can't really afford. We saw the effects of that in 2008 and later, when people couldn't afford their McMansions as interest rates shot up and they had variable rates mortgages.