The average rate on a 30-year fixed-rate mortgage jumped 18 percent from May to June to 3.91 percent from 3.3 percent. Fannie Mae’s chief economist Doug Duncan told CNNMoney,  “It’s unlikely that rates will ever be that low again.” CNN Money reported that ultra-low mortgage rates are a thing of the past, citing reasons including that the Federal Reserve is going to stop bolstering the housing market, the economy is no longer reeling, and the 3.3 percent rates were unprecedented.