But what are you going to do in the meantime? It's like people happy that their houses are increasing in value, but so do all the other houses. You've still got to live somewhere.
Interest rates have gone down though. Presumably you sell your house and break the current 3.5% mortgage. Then buy a bigger / more expensive house and lock in at 1.5%. Overall your monthly payments remain similar.
This is not a good way to measure things. Did you just exchange 10 years of monthly payments for 30 years of "similar" monthly payments?
My mother protested to me over the cost of her new house, defending the idea that she could afford it by pointing out that monthly payments were similar -- property taxes on the new house were about the same size as mortgage payments on the old one. I was kind of horrified by this; conceptually, when you make a mortgage payment, your net worth goes up. When you make a tax payment, it goes down.
This is how we get a housing bubble. The expectation of never ending credit that gets cheaper and cheaper. One day interest rates will go up and your house will not be as valuable as your mortgage says it is.
