Right now, you can still get mortgage rates as low as 5% for a 30-year fixed Jumbo ($675k+) mortgage. From a historical perspective, that is by no means high; even though it is significantly higher than there were a year ago.
Here is a look at the history of mortgage rates going back 40 years, where the average rate was actually nearly 8%.
Rates appear to have peaked in October of 2022 and have dropped since then.
See the historical rates by year in graph and then chart form below.
