it's like gas prices.High interest rates are settling in on buyers. All quotes I have gotten are 7.5% or higher.
everyone bitched when gas went to >$1.00 a gallon then it became the norm and no one complained again until it was >$2.00 then it became the normal again and no one complained until it went >$3.00 and again it became the norm.
then it was big news when it went to $5/$6/$7 a year ago. then it settled between $4.50 and $5.00 and has held there (in CA) for most of this year and it is the norm now, no one complains about $5/gal here and it is not even in the news anymore.
interest rates are the same. they were <2% for a long time, then 3%, 4%, 5%, now reaching 8% and it is normalizing, and no one is complaining.
this is what the 1% and those that control our economy want and since no one is complaining about it, it is what they will get.