When mortgage interest rates rise once again, Emerson added, there's "never any indication that's going to happen."
Emerson said he believed that the Federal Reserve would keep interest rates low through 2015 as part of its effort to stimulate the ecomony.
Regardless of who wins the presidential election, rates still have some time to stay low, he said.
In the event that Mitt Romney defeats President Barack Obama, there would be a learning curve that would prevent immediate drastic changes in monetary policy.
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