The Fed has raised interest rates 8 times since 2011 leading to the incline in mortgage rates but rates are still very low compared to historical highs. For example, in April 1984, a 30 year fixed was around 18%. In 1995, 30 year rates were around 9%. I guess we've been spoiled but with increasing costs of housing, every .25 basis point will affect affordability for many buyers, especially in California.
30 Year Fixed Rate Climb
Source: Mortgage News Daily