The US Government Bonds 10-Year Yield chart indicates that past Fed rate cuts (marked by the arrow) led to an increase in the 10-year yield from approximately 3.6% to 4.8%, implying higher mortgage rates. Investors should be cautious about expecting lower mortgage rates solely due to Fed cuts, as the long-end of the yield curve may rise if cuts are proactive and the economy is perceived as strong. This suggests potential headwinds for real estate and related sectors if the Fed cuts rates while the economy remains robust.