You’ve wrestled with properties, managed to keep your head above water, navigated around an immediate refinance, and waited things out. The Federal Reserve cut interest rates for the third time this fall. Just a bit more might be all you need.

Except, the Fed just made it clear that it was likely to slow the pace and timing of cuts in 2025. Unwelcome news for those seeking bridge or construction loans.

But what about CRE mortgages? If T. Rowe Price Chief Investment Officer of Fixed-Income Arif Husain is right, there could be more bad news. “U.S. fiscal expansion and potential tax cuts, combined with a healthy economy, are likely to push Treasury yields higher,” he wrote in a new report. Higher as in a 5% 10-year yield, possibly happening as soon as the first quarter of 2025. And a 6% yield would be possible. The 10-year yield already climbed to 4.5% this Wednesday, a level it hasn’t seen since the end of May 2024.