After an all-out fight against inflation over the past two years, the Federal Reserve recently voted to lower interest rates by a half percentage point. The Sept. 18 move by the central bank was bolder than many investors expected.

Borrowing rates have already fallen in anticipation of a deeper cut in rates. The average 30-year mortgage rate dropped to 6.2% last week to the lowest level in 18 months and down from a peak of nearly 7.8%, according to the mortgage giant Freddie Mac.

The world of 5% yields is ending.