Mortgages were over 8% for my entire working life, until the gooberment blew up the economy giving way mortgages to people who refused to pay them back, and the whole thing came crashing down in 2008. Heck, my Grandparent's 20-year, $5,000 mortgage was over 5%! My father's 20-year $18,000 mortgage was 4% (thanks to the Nixon/Carter inflation)! My first home was 18% for a 30-year, $80K mortgage, because that's what it took to fix the Nixon/Carter inflation. And still, my savings NEVER hit 0.01% until 2008. Before 2008, the gooberment was never so cruel as to force me compete with their printing press!
There is NOTHING "normal" about a 3% mortgage or 0.01% passbook savings rate. The passbook savings rate was 4.25% for 100 years prior to 2008. NORMAL is when a bank pays you 4.25% to save your money with them, so they can loan it back out for 8%. But the gooberment's magic money machine makes your savings account a mere nuisance. The bank gets its money direct from the FED, not you.
"Normal" ended in 2008.
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