We paid 9.25% for our first mortgage.
Markets are directional.
When I started my career in finance, the 10-year traded at 13%.
Like your mortgage anecdote, my experience is completely irrelevant today. All adjustable-rate debt is much more expensive today than it was a year or five years ago. That has a negative effect on both consumers and corporations.
Example: I own the Western Alliance 4.25% Preferred. If it’s not repaid by the company on September 30, the coupon will be reset at the 5-year yield plus 345.2 basis points, or 8.47%. That’ll be a heck of a lot more expensive to the bank.