Just checked the mortgage rates from November 2023 and it's wild how much things shifted. The 30-year fixed was sitting at 8.05% back then, up from 7.91% the week before. If you were looking at a $100k loan at that rate, you'd be looking at like $737 monthly just for principal and interest. That's a lot compared to where rates had been.

What caught my eye was the 15-year fixed mortgage rates november 2023 were at 7.24%, which is interesting because yeah it's lower than the 30-year, but your monthly payment jumps to $912 on that same $100k. People don't always realize that when they're comparing - lower rate doesn't mean lower payment if you're cutting the term in half. Over the life of a 15-year loan, you'd pay around $64k in total interest versus like $165k on the 30-year.

Jumbo mortgages were averaging 7.95% that same period, so not a huge difference from standard rates. The whole thing was tied to Fed policy and inflation - rates tend to follow that pattern. Anyway, if you're thinking about refinancing or locking in rates, comparing lenders is key because the difference between 6-8% on a 30-year fixed mortgage rates can literally cost you hundreds of thousands over time. That's the real takeaway from those november 2023 numbers.