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During the housing bust in 2008, the average fair market rent for a three-bedroom property, as calculated by the U.S. Department of Housing and Urban Development, rose at a steady clip even as.
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As interest rates rise, the value of any future cash flow decreases, which in turn lowers the value of the asset (real estate property). Another way to look at this is that higher interest rates cause investors to demand a higher return, which makes any property less appealing given the return on that specific investment remains unchanged.
To understand interest rates and the effect it has on the economy and the property market, in particular, we have to understand the basis of how rates are set. Interest is the reward given to savers or lenders. If interest rates are high, people are incentivised to save or lend.
The days of super-cheap mortgages are likely over.
If one assumes that the housing market is efficient, the expected change in housing prices (relative to interest rates) can be computed mathematically. The calculation in the sidebox shows that a 1 percentage point change in interest rates would theoretically affect home prices by about 10% (given 2005 rates on fixed-rate mortgages).
Historically low interest rates. Therefore, the 2% drop in long-term interest rates can account for about a 10 × 2% = 20% rise in home prices if every buyer is using a fixed-rate mortgage (FRM), or about 16 × 3% 50% if every buyer is using an adjustable rate mortgage (ARM) whose interest rates dropped 3%.
The result is a housing market where prices are detached from household income and interest rates – rather than income – are a main driver of economic activity. Mortgage rates were in a long slow decline prior to the 2007 – 2008 housing market crash which provoked even lower rates.