[TomGuy]

the long-term average of 7.74%

Too many have become too used to cheap money of the last 15 years that they don't realize rates are just now starting to approach their historical median.

[CapnJack]

Agree, when I bought my home in 1993 I think the rate was somewhere between 7.5 and 8 (or maybe higher). That was “normal” for back then.

People just haven’t seen those “historical normal” rates in 20 to 30 years so they just don’t realize how cheap the 2 7/8 to 3 1/2 rates really were and think that those rates were the norm.