Rates hit 7.08% this week, up from 6.94% on seven days earlier and 3.14% one year ago.
A loss of 36% of the buying power of the same house payment over 12 months.Let’s jog your memory back to April 2002 …The nation was still reeling from the Sept. 11, 2001 terror attacks and the brief recession that preceded the hijackings. Questions swirled about what to do with Afghanistan, which the US easily defeated in retaliation for that nation’s aid to the 9/11 terrorists.The business climate was on the mend, but US unemployment was 5.9% and 6.7% in California. The nation had lost 1.
By April 2002, the central bank was in retreat. Its key Fed Funds rate, which was pushed to 6.5% in May 2000, was at 1.75%. Twenty years ago, mortgage rates were slow to fall. But despite 7%-plus rates and broad economic turmoil, housing was relatively unscathed. U.S. home prices were rising 6% a year in April 2002, while California values were up 10%.It took almost two years from April 2002 — with the Fed cutting the Fed Funds to 1% — for the economy to fully heal.
Lesson No. 1: This business cycle took roughly four years from first rate hike to normalcy. And the early 2000s seem simpler times than today’s economy.
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