So I was looking back at the mortgage rate situation from November 2022, and it's interesting to see where things were at that point. The 30-year mortgage rate had dropped to around 6.87% that month, down from 6.89% the week before. Pretty wild how rates were moving around back then.

If you were shopping for a mortgage rate in November 2022, the 15-year fixed was sitting at 6.18%, which was actually up compared to earlier in the year when rates had climbed significantly. A lot of people were watching these numbers closely because forecasts were all over the place—some experts thought rates could hit 7% by year-end, others thought they'd stabilize.

For context on those November 2022 mortgage rate figures: on a 30-year loan at 6.87%, you'd be looking at roughly $657 monthly per $100k borrowed, which added up to over $136k in interest over the life of the loan. The jumbo mortgage rates were tracking similarly at 6.89%. If you were considering an ARM back then, the 5/1 was cheaper at 5.48%, but obviously you're taking on rate adjustment risk after that initial period.

The whole mortgage rate environment in November 2022 was basically a snapshot of this volatile period for housing finance. Rates had soared in the first half of that year, and people were trying to figure out whether to lock in or wait it out. Comparison shopping between lenders was definitely the move because even small differences in rates and fees could save you tens of thousands over the loan term.