re: 30-year fixed-rate mortgages reach 7.15%

quote:

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That is still below the average 30 yr mortgage for the last 50 years. Interest needs to be at a high rate to keep dumb arse people from buying things they can’t afford like what happens when you have low interest.

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I have been in my industry of dealing with foreclosures since the 2008 crash. I have been a contractor and in real estate since 2001. FYI, people buy dumb shite no matter what.

I see it all of the time. Pull up to a home getting foreclosed on and some directional driller making $250K per year didn't pay his mortgage but has a ton of side-by-sides, toy haulers, $200K worth of vehicles, etc. It doesn't matter. If people can put it on credit, and afford the monthly payments, they don't care what the rates are when it comes to stupid shite.