It’s no secret mortgages are cheap right now. For some borrowers they’re hitting levels many experts might have thought impossible just a few months ago. Welcome to the world of the sub-3% mortgage.

The 30-year fixed-rate average sank last week to 3.15% with an average 0.8 percentage points paid, according to Freddie Mac. That’s the lowest level recorded since the mortgage giant began tracking mortgage rates in 1971. But 3.15% is just the average rate—some buyers and refinancers are qualifying for rates below 3%, something even mortgage pros are seeing for the first time.

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