We knew this was going to happen. We have been enjoying record low interest rates for several years but there are signs this is about to end. The average rate on the 30-year fixed rate mortgage jumped to 4.39% from 4.17% last week. The 4.17% rate was the lowest level on record dating to 1971. This rise in rates had a snowball effect on the mortgage market. The number of people applying to mortgages slumped last week as a result. So those folks hoping for lower rates probably missed their chance. Of course, 4.39% for a 30-year fixed mortgage is still a very nice rate.