When 15 per cent was a good rate for a mortgage

When 15 per cent was a good rate for a mortgage

Buyers wanted to act before rates went even higher in 1981

Good news: the bank rate had gone down. 

Bad news: it was a marginal decline.

Worse news: the new rate was 17.08 per cent.

That was still great news for savings and investments in February 1981, but not for anyone looking to borrow money.

"There will be no relief from 15 and 16 per cent mortgages, either," said George McLean, host of CBC's The National.

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