As a final note, long time ago when considering our house purchase we made a casual remark about having to pay 6 1/2% interest, and one of my in-laws in her sweet Scottish accent commented ‘Dad and I paid 18% as our mortgage’. Suffice to say that was the last we spoke and ended up purchasing a house valued 6x our household income. Interest rates do have an effect, and eventually buyer/seller will prioritize their requirements and adapt. e.g. smaller home, different area, postponing purchase, converting to rental etc.[/quote]
