It wasn't that long ago that the prime rate was 4.5 percent. Today it's 7.5 percent, 300 basis "points" (3 full percentage points) higher. That is a stunning advance, and while mortgage rates are not directly connected to the prime rate, they too have moved up smartly. Now for some fun. You don't have to be completely at the mercy of these advances. There is a tactic that you need to know and understand because it could mean that you will be paying the rates prevalent 1 or 2 years ago rather than those of today. It's called "buying down your rate."