I have said for 11 years that the interest rate is more important than the price of a home when it comes to calculating the monthly payment of a home. Let me prove it to you-
On November 24th when this HUGE mortgage bond rally started, FHA mortgage rates were at 6%. Today, they are at 5%, a decrease of 1%. Thus, on a $200k loan a buyer's monthly payment just dropped $127!
This is equal to a price drop of $21,182 in the last 22 days! This is GREAT news for your sellers and your buyers. Get the word out!!!!!!!!!!!!!!!!!
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