Tego (05:01):

So Tracy just a couple of headlines real quick. Let’s just run through in the real estate world. This is more national real estate news– interest rates. If you’re paying attention, you know rates have pushed up a little bit, you know, three ish. You know, we were at 2.75%-2.875%. People were getting 2.5%, But they’re closer to 3%now maybe a little over 3%, you know, that always just depends on your credit, your down payment, all that stuff, right? But interest rates pushed up, which is funny, you know, interest rates are up there at 3% now, which is kind of funny. And I found this chart, Tracy, that I shows interest rates by decade. And it’s pretty interesting. And you know, if you go back to the seventies average interest rate was right around 9%. And then if you go to the eighties, it around 12, almost 13

Tracy (05:59):

Is the average, but it piqued some thing like 19%, 20% than. So the average was not that high those years.

Tego (06:05):

And then in the nineties it was about 8%. It was about 6% during the two thousands.

Tracy (06:21):

The 2000 to 2010. Yeah.

Tego (06:24):

Right, right. And then in 2010 to 2019, around 4% to 5%, remember that we were like, wow, this is amazing. We’ll never see this low interest rates again, well here we are, you know, and so far this decade, it’s only two years, two years and three months we’re right around 3%. Right. So if you look at it from a historical perspective, I mean, it’s still amazing.

Tracy (06:47):

And what that does is it makes homes more affordable, even though prices are up right. The monthly payment, because interest rates are so low is keeping affordability exceptionally low.

Tego (06:59):

Yeah. One other big headline. I want to bring up Tracy and you know, you’re absolutely right. And we’ve talked about that. The affordability is a big deal. One other headline here is FHFA, which is a kind of the group that is over Fannie Mae and Freddie Mac, which handle all the government back mortgages. Hey’ve now extended the eviction moratorium for foreclosures through June 30th.

Tracy (07:25):

And that’s for loans through Fannie and Freddie. Correct. That’s not conventional loans, not all loans. Right. So they’ve extended it through June 30th. Yeah.

 people that haven’t been able to make their payments since last year. And it seems like we’re just kicking the can down the road. And I don’t think that’s in a bad way. I’m saying that in a sense that we’re going to have time to get that work through and get those homes into the market. Somebody told me the other day, or a statistician that works in the housing world. He put some data together, if all of those homes that were in forbearance right now came on the market immediately, which of course would never happen in the US, we’d still only be at five months supply, which is still considered kind of a balanced, almost leaning toward a sellers market. So it’s interesting.

Tracy (08:29):