Thank you, Mr. Chairman.
I would like to thank Mr. Serré for nuancing his response appropriately. Mr. McCallum seemed to be in quite a rush to ask a number of questions without giving Mr. Serré the opportunity to respond in full. Well, these nuances needed to be made, given the circumstances. There is a huge difference between the situation in Canada and that in the U.S.
Nevertheless, I would like to ask Mr. Serré a question on this point. At this point in Quebec, some financial institutions, including the Mouvement Desjardins, are offering open mortgages at a 1% or 1.5% rate. That happens frequently. However, if people want to convert them into closed mortgages for a four- or five-year period, the interest rate is rather high when compared with the market rate, in other words 6% or 7%.
Is your organization currently looking into this situation? I am less concerned about a 40-year mortgage or a 0% rate, for the reasons suggested by Mr. Serré, than I am about the 1% or 1.5% rate. Oftentimes, and that was implicit in Mr. Arnold's comments, people who are purchasing homes are less concerned about price than they are about monthly payments. That is what concerns me somewhat. Are you following the situation? Is this something you would normally be concerned with?