OR...were they. Here's a fun infographic by the folks at KCM. When Pam & I bought our home in 1985 we paid 13% and that wasn't even at the height of interest rates. We have friends that paid up to 16%+
We knew rates couldn't stay that high and we were prepared to refinance when rates came down. We actually refinanced 3 different times & made additional principal payments. We paid off the mortgage in 23 years.
Today the interest rates are still low, low, low. Owning Real Estate is still the best way to accumulate wealth. The longer you wait, the more it will cost you to own