It’s not about gross loan, it’s about interest and time to repayment together giving return on investment.

Investment in mortgages has a very slow response time as well because they’re 30 years out. The recent skyrocketing of home prices also inflated it.

But why would they want to maybe beat interest? Especially when there’s an asset involved, with a highly inflated price.

This isn’t a simple thing, but if you’re going to look at one thing look at rate of change over the last decade or two of those numbers.