Again, I made this point earlier...on the face of it, your analysis makes sense... But history and further data suggests that when rates rise, it's usually with inflationary pressure...thusly devaluing the dollar, ie prices, including home prices rise... Also, as rates spike, the cost of the money you borrowed becomes lesser. Borrowing at 3.5% and holding while rates rise to 9% means you're paying yourself a de facto dividend of 5.5%.
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