I don't have the affordability statistics for the 1960s and current years with me. However, I can say that, during the 1970s, after 10 years of very high and volatile inflation, the solution was to raise interest rates to more than 20%. That measure triggered a housing affordability crisis. The cost of a mortgage shot straight up.
Raising interest rates sharply and trying to solve the inflation problem before it gets too serious are precisely what we're trying to avoid. I know that high interest rates cause problems for many people. However, interest rates are increased sharply to prevent inflation from taking root in the economy, as was the case in the 1970s.
If that reoccurs, we'll have to raise rates again to address inflation, and that's exactly what we want to avoid.