US homebuyers just hit a record low

Saw the news that the number of active homebuyers in the US dropped to the lowest level Redfin has recorded. Not really surprising when you look at what financing a house costs right now. Something I saw explained this pretty well. Say someone borrows 250k on a 30 year mortgage at 7%. That does NOT mean the bank takes 7% of the original 250k every year for 30 years. The interest is charged on the remaining loan balance as you pay it down. At 7%, the principal and interest payment on that loan is

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