Just looking back at some mortgage rate data from May 2023 and it's interesting to see how things were moving around that time. The 30-year fixed was sitting at 6.85% with APR at 6.86%, which had actually dropped from 6.90% the day before. Compared to a week earlier at 6.93%, there was definitely some relief happening in the market.

The 15-year fixed was a bit lower at 6.16%, down from 6.25% the previous week. What caught my eye was that jumbo mortgages were running at 6.94%, barely down 0.10% from the week before. The 5/1 ARM rates were more attractive at 5.76%, which made sense as a shorter-term option.

To put it in perspective, if you locked in that 30-year rate of 6.85% on a $100,000 loan, you'd be looking at around $655 monthly for principal and interest. Over the life of the loan, that's roughly $135,893 in total interest. The 15-year option at 6.16% would run you about $853 per month on the same amount.

It's wild how much rates have shifted since those May 2023 mortgage rates were floating around. The 52-week lows and highs back then show there was definitely volatility in the market during that period. APR was a key metric everyone was watching too, since it included all the fees and charges, not just the base rate.