I can tell people all day long that interest rates are historically low, but somehow, that just doesn’t resonate with most people.
What does “historically low” mean to me? The consumer? To my bottom line?
WSJ: “In 1991, a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage. Today, it gets that homeowner a $350,000 loan.”
In exact monetary terms – in other words, accounting for inflation and the fact that 1991 $200,000 homes are worth $294,000 in 2011 in the Coeur d’Alene and Post Falls area – you are STILL getting a better house now.
So you could buy a home for $294,000 or $350,000 for the SAME monthly payment. Which one would you want?
Check out what’s available now: