Are We Going to Revert Back to Where We Used to Be?

It is very plausible fixed rate, fixed interest rates will be substantially higher in future. The idea that rates will go back to where they were was a false premise. So you are being offered a four year fix at over 4.2%. That's much, much cheaper than most people applying right now would get. But clearly without a crystal ball, I can't tell you whether it's right or wrong.