Question 16: The impact of high interest rates on real estate Powell's response: Housing is a very sensitive activity. During the pandemic, we lowered interest rates, and housing companies were very grateful for our support. However, now, due to inflation, we need to raise interest rates, which will affect mortgage rates, and this has already happened. Forecasting is extremely difficult, even in calm times, and it's even more complicated now. It's impossible to be more confident in our forecasts.