Before the election, I highlighted the continued inflationary pressure the policies of either candidate might introduce, possibly hampering hopes for rates to decline to the historically low levels consumers, investors, and home buyers enjoyed between 2008 and 2023, which many may have begun to feel was “normal” was well below the longer-term average. Even now, with 10-year rates at 4.56%, while certainly much higher than the average since the beginning of the Great Financial Crisis and the heterodox monetary and fiscal responses that were introduced (depicted by the green line), they are still well below the longer term average over the past 60+ years.
