The rates that are available in the market are much lower. Variable-rate mortgages are available at less than 2.5 per cent. For fixed-rate mortgages, with five-year terms, lenders are advertising rates well below 3 per cent. Interest rates are even lower for terms shorter than five years.
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That is exact part of the reason a huge bubble has been created in RE market. And now even with that low interest rate, the price has increased to the point many can't afford - human greediness always exploits to its max limit.

The problem lays in the future when interest rate starts to jump, nobody can guarantee it can go like this forever.