That’s dramatically lower, actually.
But 18% mortgage interest rates in late 1982 meant that even with the far lower median house price of $69,300, a homeowner’s monthly payments were high, and “Total Interest Paid” over the lifetime of the mortgage was shockingly high…even by today’s standards.
In the previous article (30Y in 30D • Y18. we saw what it was like in 1982 when 30-year fixed mortgage rates went as high as 18.63% with those $69,300 median house prices.
And it was tough for those 1982 homebuyers. Really tough.