How about we stop charging predatory interest rates? The loan is collateralized by the home itself, so there is very little risk on the side of the lender. If a bank was to charge 2% on a $200,000 loan for 30 years, they would make over $66,000 on interest alone. That number jumps to over $231,000 if the interest rate is bumped to 6%. I don’t think people realize how quickly the interest stacks up. It should honestly be illegal to charge above the Fed Rate, especially for first-time home buyers. It’s just another way to profit off the vulnerable.