The big driver is the interest rate, not the base price increases.
Home price increases, going up about 3%, have pretty much tracked with the inflation rate. 3% on the base will add a bit to your mortgage payment, but no where close to what doubling the mortgage interest rate will do.
Just jump into a loan calculator and see what happens when you bump up the base price 3% vs. shifting the interest rate from 2019 to 2023 values.
The big driver is the interest rate, not the base price increases.
Home price increases, going up about 3%, have pretty much tracked with the inflation rate. 3% on the base will add a bit to your mortgage payment, but no where close to what doubling the mortgage interest rate will do.
Just jump into a loan calculator and see what happens when you bump up the base price 3% vs. shifting the interest rate from 2019 to 2023 values.