"Patrick, it seems interest rates will continue to increase. Doesn't this mean that house prices have no other option but to go down since most Buyers won't be able to afford to qualify for a
What happens if prices drop ⬇️ and interest rates ⬆️increase??
"Patrick, it seems
We have to calculate the cost to carry the interest rate on a lower priced property.
Here is the potential scenario we will call
- House price - $500,000
- Interest rate - 2.99%
- Amortization period - 25 years
- Payment Frequency - Monthly
Mortgage monthly payment = $2,363.66
Mortgage balance at the end of 5 years = $427,291.07
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