The US Congress still pays the ten year rate

Annual sums, interest payments divided by total debt, including social security trust fund, in blue.  In red we have the ten year rate.

They match because it takes ten years for the typical Congressional program to be updated.  In other words, The spectral inertia of the US Congress is the major determinant setting rates.

Hence, the idea that rates are somehow low is horse manure, rates are low because the Swamp goes bankrupt when rates approach 3% again.  The economy is accommodating the entitlement bulge.