Yep interest rates could get back to 8% but we'd see a huge housing crisis result, there'd be soooo many people defaulting it wouldn't be funny.
If there are defaults, our banks are better protected.
If people can't afford 8% rates due to the size of their mortgage they could be downsizing now while prices are high.
If they don't, and then default in 2 years time .....well, who is really to blame?
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