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Housing affordability is not just interest rates. With lower house prices, higher down payments are possible. Moreover, mortgage payments can be deducted when filing taxes. Affordability is not too dissimilar from usual times. The issue of housing affordability is separate from interest rates.
“The median price of a new home sold in the US is down 15% from its peak last October. After the last housing bubble peak the median new home price fell 22% nationally.” - Charlie Bilello