How mortgage rates hit 18.5% — 40 years ago today
How mortgage rates hit 18.5% — 40 years ago today
Forty years ago today, U.S. mortgage rates hit 18.5%.
That stunning Oct. 16, 1981 reading of the average, 30-year fixed-rate mortgage came during a period of soaring inflation. A bold move by the Federal Reserve used economic shock therapy to ice consumer prices that were surging 14%.
The Fed’s tough-love tactic worked and inflation cooled with homeowners benefitting greatly. How much…
Discover more from USNewsRank
Subscribe to get the latest posts sent to your email.