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by arcticbull
1883 days ago
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Yup, the real estate stuff is interesting; most folks in the US buy on 30 year fixed rate mortgages, and the amount they can afford is based on their monthly payment. A reduction from 5% APR to 2.5% APR means they can afford a house 20% more expensive for the same monthly payment, and even their down payment isn't as big of a factor as they can just take out a non-conforming mortgage with a smaller down payment and once their LTV goes above 20% they stop paying PMI. |
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