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Written by Jonathan Smoke
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09.08.2008 |
While debates rage on when we will find the bottom in home prices declines, intelligent buyers who’ve been waiting on the sidelines should be paying attention to mortgage rates as well. Beyond credit quality and the type and length of loans, two factors influence how consumers buy a home—the price of that home and the interest rate of the mortgage.
The price of the home and the interest rate of the mortgage each have a significant impact on the monthly payment, so assuming would-be buyers are trying to time the bottom on when to purchase a home, ignoring what is happening to interest rates and where they are likely headed could lead to regrets. |
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