Mortgage rates see biggest spike in over 3 years. For those of us with long memories, 4 percent is an excellent mortgage rate:
- Until May 2010, a 30-year fixed mortgage rate below 5 percent was unheard of, unless the borrower aggressively paid discount points.
- Twenty years ago, around the time I bought my first house, people were happy getting 7.5 percent.
- This week 30 years ago, the average rate on the 30-year fixed was 10 percent.