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Dee,
Its not easy to spot articles on ZH without some politics.
Bravo!The difference between a 3.5% rate and a 5% rate is not 1.5% — the effect is much greater.
On a $300,000, 30-year loan the payment jumps from $1,347 at 3.5% to $1,610 at 5%.
That’s close to a 20% increase in payments.Or another way is the same payment will buy 20% less house.
The same $1,347 @5% will now only support a loan of $250,946.Ouch! for property sellers.
Mike
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