Mortgage interest rates jumped nearly 0.5% over the past week or two, but they are still below 4% given the current average of 3.94% -- and if we look at that rate of 3.94% in nearly any historical context, that is a TREMENDOUSLY LOW mortgage interest rate.

As shown above, that is below the average annual mortgage interest rate for every year since 1972 with only two exceptions -- the average rate of 3.66% in 2012 and 3.85% in 2015.

Interest rates could edge even higher after the first of the year, so if you like that first digit of your mortgage interest rate being a 3 instead of a 4, and if you'll be buying soon, you may want to start the buying process sooner rather than later.