By Diana Olick, CNBC
There has long been a saying in the real estate market that potential homebuyers don't buy according to the home price or the mortgage rate. Instead, "they buy the monthly payment." The monthly payment is, of course, a combination of rate and price, but the weight of each can change dramatically.
For example, home prices were able to soar uncontrollably during the last housing boom only because risky mortgage products at the time made monthly payments minuscule and down payments often nonexistent.
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