Never comes back for various reasons (structural demographics and savings glut having been drained, broadly speaking). Easy to see this based on forward curves of various sovereign debt durations.

https://www.ustreasuryyieldcurve.com/

From a Savings Glut to a Savings Shortage - https://www.apollo.com/wealth/insights-news/insights/daily-s... - September 12th, 2026

Not investing advice, but you're potentially better off paying more towards the principal with excess cashflow versus waiting for lower rates that are unlikely to arrive.

https://www.hsh.com/prepayment-refinance-calculator.html