Been looking back at mortgage data from October 2022 and the rates were pretty wild during that time. The 30-year fixed hit 7.24%, which was a significant jump from earlier that year. People were definitely feeling the pressure with those interest rates climbing so fast.

What caught my attention is how the gap between 30-year and 15-year mortgages played out. The 15-year fixed was sitting at 6.47% back then, so if you could handle higher monthly payments, you'd save quite a bit on interest costs over the life of the loan. For a 100k loan on a 30-year at 7.24%, you're looking at around 682 per month, but you'd pay like 145k in total interest. Pretty eye-opening when you do the math.

Jumbo mortgages were even higher at 7.27%, and the 5/1 ARM was lower at 5.38%, which made adjustable rates look attractive to some borrowers back then. The consensus from experts in october 2022 was that interest rates could push even higher, with predictions ranging up to 7%. That period really showed how volatile the mortgage market could get when the Fed was tightening policy. A lot of people were trying to lock in rates before they climbed further.