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A 7% mortgage used to look like optimistic fantasy. When I entered the market, rates were something like twice that, and when I heard that my parents could access money at ~7%, I could not believe that I would ever see rates that low in my lifetime. The ultra low rates peeps have become used to are not normal, and anyone that maxed out on a variable rate mortgage in recent years is now headed for trouble. The real estate market is going to get interesting as recent changes cook in.I Remember in the 1980's when the mortgage interest rate hit 18%...... ....we lost our first house choice because of it.....