Thanks for the thoughtful response. I mentioned 2% interest rates meaning in the <3% range. I know family who invested in real estate that trivially refinance to 2.85% on 30 year fixed mortgages with all the equity they had gained in their homes during the run-up in housing prices, 15 year loans were being redo’s to 2.25% all day as well. I’m sure you know this was a steal in the past few years if you are a homeowner in the past decade and gained major equity on your property.

I doubt we’ll ever see those low interest rates again in the next decade.