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The 30-year mortgage interest rate in 1975 was 8+%. These days it's less than 4%. The value of the house has increased significantly, but has the value of the
by ianferrel 11y ago
The 30-year mortgage interest rate in 1975 was 8+%. These days it's less than 4%.
The value of the house has increased significantly, but has the value of the monthly payment?
- jackcosgrove 11y agoFor first time buyers the down payment is a bigger hurdle than the monthly payment. Higher purchase prices make this hurdle even higher, even if monthly payments as a proportion of income are the same, as I suspect they are.