A week ago, the average rate on a 30-year fixed-rate mortgage in the United States jumped 10 percentage points to 3.91%. That's an increase of over 3% since May.
In a statement given to CNN Money, Doug Duncan, the chief economist at Fannie Mae, said "it's unlikely that rates will ever be that low again."
Some note the reason for the increase is that the economy is no longer reeling, which gives more individuals the power to buy.
