Yeah - “affordability” in most people’s minds stops at the monthly payment. It isn’t whether they have $200K to invest in a house or invest in the market. It’s

Yeah - “affordability” in most people’s minds stops at the monthly payment. It isn’t whether they have $200K to invest in a house or invest in the market. It’s “I can afford a $200K house with the rates they are today. But if they go up, I can only afford the payments on a $150K house”. I think we will have a rude awakening when, for every % we move up in interest, we add ~$200 per month on people’s payments on a $200k house. At 6%+ mortgage rates we will see a lot of people stuck in their current house and a lot of the people who look at affordability through the lens of a monthly payment will suddenly be able to afford a lot less house.