[jeffbee]

You are very likely to get a lower rate after a year or two. Anyone who bought at that peak 1981 rate had refinanced to cut their payment by half within only 5 years. Even if they had refinanced after just 1 year, their payments were already 20% lower.

This analysis assumes that rates would decline from exceptional highs, which is implied by the phrase "exceptionally high".

A Boomer who bought a house with 10% down and a $56k loan on fixed 30-year terms at 18% in October 1981 was initially paying $844/mo but in 1982 they could have refinanced down to just $700/mo. By 1986 their home was worth a nominal $80k and their payment was potentially down to just $450/mo.