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Low Interest Rates Compensate for Higher Home Prices

Posted By Wally Reule @ Jun 11th 2020 8:27pm In: Sedona Real Estate Market News

I read an interesting blurb today about how low interest rates are keeping housing affordable for many buyers. Here's what it said. "the bottom line being that even though average prices are back to where they were at the market peak in April of 2006, the mortgage payment is 30% less! That's because interest rates are over 3% less. Put another way, today's buyer has 30% more buying power for the same cash outlay." I'm betting that interest rates are going to go up before home prices fall,, so it's a good time to buy.

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