This is a graph from Mortgage News Daily (MND) showing 30-year fixed rates from three sources (MND, MBA, Freddie Mac) over the last 5 years.
The following graph shows the year-over-year change in principal & interest (P&I) assuming a fixed loan amount since 1977. Currently P&I is up about 52% year-over-year for a fixed amount (this doesn’t take into account the change in house prices).
This is above the previous record increase of 50% in 1980. This assumed a fixed loan amount – if we add in the year-over-year increase in house prices, payments would be up around 65% YoY for the same house.
This is one of the reasons I’ve argued in my real estate newsletter Housing: Don’t Compare the Current Housing Boom to the Bubble and Bust, Look instead at the 1978 to 1982 period for lessons.