This post is a Will Rogers’ tongue-in-cheek rant about those who are whining about today’s mortgage interest rates.

I hear so much now about those god-awful high-interest home mortgage rates for Gen Zs. Who can afford to buy a house when you have to pay 6% interest on a mortgage! Let me tell you about the “good-old-days”.

I graduated from college in 1970 and bought my first home in 1983. It took me that long to save up enough for the required 20% down payment and monthly mortgage rate of 12.9%. It was a good feeling to finally be able to afford a house of my own.

Today, interest rates are around 6% with a down payment of 3%. I couldn’t even dream of those rates in 1983! Gen Zs, like so many other things in their lives, want everything now! They insist that their first home be as luxurious as the one they grew up in. My thoughts about that is

QUIT WHINING

Yeah, I know that a few years ago mortgage interest rates were around half that amount, or lower. The reason for that is the Federal Reserve in its omnipotent wisdom pushed the savings rate to near 0% to spark a staggering economy. That meant that for a decade we seniors were basically getting nothing for loaning out our lifelong savings. So, our retirement pool basically quit growing.

Now that things are back to a historic normal, you will, like us, have to buy a starter home and then upgrade as your income increases. Such is the way of life, get used to it.