Just looking back at April 2022 and those mortgage rates were absolutely wild. Remember when the 30-year fixed jumped to 6.5% practically overnight? That was insane - nearly a full percentage point increase in just one day. I was checking rates that month and couldn't believe how fast things were moving.

The 15-year fixed was sitting at 4.665% and ARMs were all over the place depending on the adjustment period. What got me was how quickly the Federal Reserve started hiking rates to fight inflation. They'd already raised the federal funds rate in March and were signaling more hikes coming throughout the year.

Looking at mortgage rates in April 2022, everyone was scrambling to lock in before things got worse. The whole market was reacting to the Fed's tapering of mortgage-backed securities purchases. It's wild to think back on how that period felt at the time - like everything was shifting beneath your feet. Even FHA and VA loans were climbing, with FHA rates hitting 5.595% on a 30-year. Refinance rates were equally brutal if you were thinking about that route.

The crazy part was that experts were still saying rates wouldn't jump dramatically, but clearly that prediction didn't hold up. Economic factors like unemployment and GDP growth were all playing into the volatility. That April was definitely a turning point for anyone watching the housing market.