Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

If rates flatten out; that’s because we would not be getting a kick any more from lower rates. House prices can go up and housing remains affordable if rates are lower. But if they flatten out and stay flat, one might think that it’s going to be hard for house-price gains to keep humming along the way they’ve been going. That’s going to start to eat into affordability.

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