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Mortgage Payment Datapoint Of The Day

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by Felix Salmon
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Jan 26 2009 10:35am EDT

Mortgage Payment Datapoint of the Day

What happens to home prices when mortgage rates fall sharply?

The median home price was $175,400 in December, down 15.3% from $207,000 in December 2007. The median price in November this year was $180,300...
The average 30-year mortgage rate was 5.29% in December, down from 6.09% in November, according to Freddie Mac.

That's a 2.7% month-on-month fall in home prices, but if you're looking at the monthly mortgage payment with a 20% down payment on the median home price, that fell from $873.16 to $778.33 -- a month-on-month drop of 10.9%. Yikes.

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