“Guess what happens when interest rates decline, folks. A home that used to cost $400,000 now costs $535,000.”
Huh??? When interest rates DECLINE a home you want to buy will cost you MORE????
On a monthly basis an existing home with a refinanced mortgage will cost you LESS.
But read the numbers I posted carefully. For someone buying a home, the price of the home will end up being HIGHER even if the monthly cost of the mortgage payments -- due to the lower interest rate -- is the same.