Will Mortgage Rates Go Lower Mortgage Prime Rate History Historical Home Mortgage Rates According to census data, the average home price in May of 1988. is small or large depends on the interest rate and whether the interest is tax deductible, like in the case of mortgage interest. If.PRIME RATE HISTORY. Considering a Variable Rate Mortgage? Gain some peace of mind by viewing the historical movements of our prime lending rate here at MCAP. If you have any questions or want to learn more about an MCAP mortgage, click here to find a mortgage broker near you.In today’s blog post we’ll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates. Barry Habib, a well-known mortgage rate commentator, says mortgage rates will be "the lowest they’ve ever been" in the next 12 months.