Back in April 2023, mortgage interest rates were climbing pretty noticeably. I remember checking the rates that month and the 30-year fixed was sitting around 6.96% with an APR of 6.97%—up from the week before at 6.88%. The 15-year fixed was holding steadier at 6.13%, barely moving from 6.17% the previous week.

What struck me was how the jumbo mortgage rates were pushing higher too. Those hit 7.04% for 30-year fixed, up about 0.09% week-over-week. If you were looking at ARM options back then, the 5/1 ARM was around 5.66%, which at least offered a lower starting point compared to the fixed rates.

To put it in perspective on actual payments—and this is why mortgage interest rates matter so much—a $100,000 loan at that 6.96% rate would run you roughly $663 monthly in principal and interest. Over 30 years, you'd be paying something like $138k in total interest. For a 15-year mortgage at 6.13%, you're looking at $851 monthly but only about $53k in total interest. The math on mortgage interest rates april 2023 really showed how much the loan duration impacts your total cost.

Jumbo mortgages were even pricier of course—on a $750k loan at 7.04%, monthly payments were hitting around $5,015 just for principal and interest. It was interesting to watch those mortgage interest rates april 2023 because they represented a shift upward from earlier in the year, and a lot of potential homebuyers were reassessing what they could actually afford with rates climbing like that.