Mortgage Rates Are Not Too High. What’s too High Are Home Prices that Exploded by 40-70% in 2 Years, Creating the “Affordability Crisis”

For about the past three months, the average 30-year fixed mortgage rate has been around 6.25%, give or take a few basis points. In the latest reporting week through November 26, it was at 6.23%, according to Freddie Mac data. While this may seem high to people who have not seen anything beyond the QE era...