> If you change rates, the list price will change but monthly payments won’t. Exactly If the buyer can only afford $1,000 a month with a 30 yr mortgage - that

> If you change rates, the list price will change but monthly payments won’t. Exactly If the buyer can only afford $1,000 a month with a 30 yr mortgage - that sets the upper bound of the list price of the asset If rates rise the monthly payment stays the same, but the buyer can only afford a lower priced house. If rates go down those $1,000 can now pay for a higher list price