Unprecedented times? Hardly.

The annual inflation rate from 1971 to 1991 bounced between roughly 5% and 12%. It was only after BoC adopted the 2% target in the early 1990s that the inflation rate moderated.

My first car loan was through Chrysler, and 'discounted ' to 11% from the 13% bank rate. That was for a Dodge Colt 200E. No AC,, no cruise control, roll your own windows, no radio, no rear wiper, all for roughly $9500, almost $20K in today's money.
Mortgages peaked just over 20% in 1981. My first mortgage was close to 6% in the 1990s.

The "unprecedented" time was that period from roughly 1993 until prior to the pandemic of very low interest and inflation rates.