system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Many people have stated that "money is cheap right now" when referring to mortgage loans. Can someone explain why or how this is true?

Context: I live in Oklahoma, so I'm not sure if this is just referring to the housing market.
gpt
"Money is cheap/expensive" is a statement made about interest rates. If you need a hundred thousand dollars to buy a house, you borrow it from a bank. But another way of looking at it is that you're actually "buying" that money, and the price of the money is the interest rate. Rates are near all-time lows right now, so that's what they mean when they say money is cheap.