I agree that benchmark rate won't be zero for ever:)

Doesn't that mean that housing market in the states will have another wave of heading down because of higher mortgage rate?

I don't know if European countries are less competitive than the states. Such rumour is hanging over for years, but the reality now is USD keeps weakening, US has even higher unemployment rate than the core of Europe, US housing market blew up but not more expensive European housing market, etc. I have pity on the people in the states. They have little interest in other countries and can't accept the fact that american are the new poors in the globe.

:)