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Can You Afford a New Home? Find Yours at Monticello Park

The affordability factor of housing is on the news a lot these days but it may surprise you that even though home prices are going up; mortgage rates are going down.  This article in KeepingCurrentMatters explains:

It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.

Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.

Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:

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