American’s haven’t lived in an 8% world since Bill Clinton was president.
The interest rate on a 30-year fixed-rate mortgage is the second most salient price in the American economy, after only the price of gas. And it looks like it's going toA world of 8% mortgages is one Americans haven't seen in over 23 years. The last time mortgage rates were that high, Bill Clinton was president, Brad Pitt married Jennifer Aniston, and Apple Computer was worth $15 billion — a mere 0.5% of its current value.
More than 100,000 Americans have taken out mortgages in 2022 and 2023 with an interest rate above 8%, per Black Knight, where a spokesperson tells Axios that "we expect that number could continue to press higher in coming weeks."The Federal Reserve raised interest rates 11 times between March 2022 and July 2023, from zero to more than 5%. The goal was to cool the economy and bring down inflation by making it more expensive for companies and individuals to borrow and invest.
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