The 30-year Treasury yield is creeping toward 5.30%. We haven't seen rates like this in decades.

Most people don't realize how much this matters. Housing affordability is already brutal. Mortgage rates track the 10-year, but long-term borrowing costs ripple through everything — corporate debt, commercial real estate, pension fund assumptions.

This isn't a crisis yet. But it's a slow-motion squeeze. The economy adapted to cheap money for 15 years. Now we're finding out what normal actually costs.

Watch housing. If rates stay here, something's gotta give — either prices, volume, or both.