So, what - exactly - happens when mortgage rates return to historical numbers?

Say, 6%. Historically, that's not a bad rate. That would basically DOUBLE mortgage payments for many, many people.  How many people would fail to qualify to renew their mortgage for that increase? Millions...

How many - even if they qualified for renewal - would be stuck with houses that are underwater, and wouldn't be able to sell at ANY price? Millions more...

I remember my wife & I having a 12.75% mortgage, and we thought we were very, very lucky. Many in our neighbourhood were struggling to renew at almost 19%. Lots of people lost their homes.

Think history won't repeat itself? Think that it's "different this time"?

Really?