So, in other words, instead of the pricing correcting to a level at which more people could afford it, the low rates are keeping that pricing high and maybe keeping people locked out.

It's fascinating because that suggests is a structural impediment.

You know, two more people buying homes.

Yeah.

I mean, there is some research that kind of shows that it's the drop in the rate that really matters, right?

It gets people re interested in the market.

This most recent drop, I would expect to actually start doing that.

You know this slowdown.

I think we'll start moderate and because we will see buyers returning and considering it.

But that again, I think you're a little bit right. 00:00:53.760 --> 00:01:9.220 There's a balancing act here where monthly affordability is definitely something I have my eyes on, right, but buyers really to be doing this right in a market where things are really slowing down, you got to be paying attention to to the overall price level and that down payment, right? 00:01:9.220 --> 00:01:13.400 You've got to make sure that you'll be in there for a long period of time to make it worth it for you, right?

If home values continue to be much, much, much more modest going forward, and you can't just come up with, you know the dough for a 20 20% down payment overnight.

So the average 30 year fixed mortgage rate has fallen to something like 3.75% from four and 1/2 percent last year.

I mean, that is a huge move, even in relative terms.

You do People just shrug off these rates because they just go.

It's low enough.

I don't really care if it goes down another half a percentage point.

No, I think it matters a great deal.

It just depends on kind of who you are and what you're looking at here.

When you think about anyone who's interested in reef eyes, that was a really big right. 00:01:51.110 --> 00:02:4.290 That was the opportunity where you said to yourself, Well, that's pretty inexpensive debt on And so if you had any other expenses or projects you wanted to tackle or any other kind of loan that you wanted to pay off, that could actually be a good strategy. 00:02:4.290 --> 00:02:4.600 Right? 00:02:4.600 --> 00:02:5.520 Payoff? 00:02:5.530 --> 00:02:8.380 You know, high interest college loans. 00:02:8.380 --> 00:02:13.450 Say, and you went to grad school and convert that over to a much lower interest, cash out refi.

I mean, that's a very appealing, um, you know, strategy or process for that that low rates get you the rob again.

You know, if we're talking about the typical ah, home buyer, is that down payment as well?

So that's where we're haven't seen quite the return.

But I think we are, and we will.

And that will be a part of the story and the and the picture is that home buying at low interest rates you lock in that 30 rates still attractive, right?