Don’t forget that municipalities are counting on interest rates staying low so that assessed values of homes can stay high and property taxes remain high. If interest rates were to cut home values in half then numerous municipalities would face extremely hard decisions or even bankruptcy.

Interest rates have declined for 40 years. There is no reason to believe they will trend up long term. I don’t know if it ends in hyperinflation though as the number of people that can access the cheap money is limited.