US Home prices and 30Y long bond due 2055

How fast US home prices accelerated over the last decade

Notice also how the home price index bent upward starting in 2021 when the Federal Reserve’s aggressive pandemic interventions produced sub-3% mortgage rates. 


Artificially low interest rates produce artificially high asset prices, whether for stocks, homes, or anything else. 

Governments are issuing mostly short-term and floating-rate debt, and I suspect it’s because they know the demand for longer-term debt just isn’t there. 
Few investors are willing to take the inflation and other risks of writing a 30-year loan. 

That’s not unreasonable. A lot can go wrong between now and 2055.

John Mauldin 5 September 2025








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