Personal bias has you missing the point of the article. The reason you’re seeing facts is they’re very responsible with their sourcing.

The reason you think it’s overly dramatic is you think the subject is the numbers, but a forecast isn’t a fact. The subject of the article is BMO calling the rate “inconceivable,” they aren’t. The story is a bank would refer to mortgage levels at this level providing insight into the financial system not having thought rates at this level were impossible.

Minor correction. High was 22%, I had one

It’s cute how you try to compare things from the 1980s to now. Our standard of living has consistently gone down since the fifties. Every decade we go down a notch. So what are you trying to talk about? This isn’t the 1980s.

Are you aware that mortgage rates were 14% to 17% in the 1970s and early 80s?
If they had remained high homes would not have become a commodity for speculative investors and housing might not have gone up 300% in the last 25 years.

Inflation is a global phenomenon if you exclude half the world’s population and just include the countries you know about off the top of your head. Otherwise most countries are experiencing inflation similar to highs in the 2010s.

Inflation was above target in April 2021 when the banks started to say what the heck are you doing? The Bank of Canada pretended inflation didn’t exist and it would be transitory.

They were using QE to create even more inflation until November. You should check out Stephen’s Parliament testimony on inflation. Even the Bank of Canada stopped lying the day after.

Always a good point. Pensions were crushed and now became real estate firms and mortgage lenders, which should tell you a lot. They dropped bonds and the replacement was perpetual payments to use their property.

Hahaha, you are right. Politicians and FIRE don’t want to stop this madness 🙂

Give it until September and they will back track and lower rates. The debt-ridden global economy cannot just support those rates without imploding.