Interest rates have been suppressed for 5 years. Now let's assume that the rise in price, ie inflation, since 5 years ago is 15% (I think it is much higher) if we assume rates have been 0.25% in 5 years they have risen(considering compounding) 1.5%. So the difference over 5 years is around 13.5%, although I think much higher than that really. This means that for interest rates to catch up they have to rise a lot to make up the gap. True, there are other market and psychological issues, but at the end the reality cannot be denied and interest rates will have to jump substantially.
Theoretically, when inflation occurs the government has to raise interest rates (US Treasury Notes, etc.) in order to attract buyers of its debt instruments. Otherwise the money stops coming in. HOWEVER, when China (and others) stopped purchasing our debt because of looming debt and insolvency issues, We started "buying our own debt" printing money out of thin air to the tune of 85 Billion per month, that's over one trillion dollars of 'monopoly money' a year. This devalues the usd and destroys wealth for all americans. Welcome to reality.