I think both Mondale and Ferraro knew that their campaign would not end in victory. Did they predict they'd lose almost every state, I doubt it but I think they knew it would be a pretty one-sided election.
After the conventions they knew it was all over but the vote counting.
But after the primaries Mondale had a double digit lead and the media was talking about President Mondale. A few months later the economic recovery had hit, everything went Reagan's way and the situation was completely reversed.
