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Reply to "Why don’t people understand that low rates work against them?"
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[quote=Anonymous][quote=Anonymous]If you could buy a $1,000,000 million house at 4%, with a monthly payment of about $4,700 per month, when the rates hit 3% the price goes promptly to 1,250,000, with a monthly payment of roughly $5,300. So your principal is higher, and your payment, all in the name of lower rates. https://www.calculator.net/payment-calculator.html [/quote] If you can afford $4700 per month at 4% that means you can afford $4700 at [u]any[/u] rate. Your $4700 affordability is linked to you job/salary/income source and not to rate. But yes, if rate does go down from 4 to 3%, given the same $4700 affordability, over time (and not instantly) priced would slowly creep up ......assuming the unemployment rate and desirably to live in an area is still the same.[/quote]
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