Was mortgage rate that low in 1999? Also, right now, you can already get houses in Mira Mesa that’s less than rent if you have 20% down. A 3-4 bed/2bath house in MM rent for around $1800-2000/month, depending on condition. These houses can be had for around $320-400k. @ 6% interest and 20% down, your payment wound be between $1500 and $1900/month.