House prices and interest rates affect how much people spend on things. When house prices go up, some people spend more, especially if they have loans. But if there are costs to selling a house, like fees, then spending doesn't always go up. People with loans are more affected by changes in house prices and interest rates than those without loans. The more money they owe compared to the value of their house, the more their spending changes. This is especially true when housing and spending are closely linked. These findings come from looking at data on what people buy and how much they spend.