I was looking back at mortgage rates from January 2023 and honestly, things were pretty different back then. The 30-year fixed was sitting around 6.48%, which felt high at the time but turned out to be relatively stable compared to what came later. If you were shopping for a 15-year mortgage that January, you were looking at 5.64%, so there was a noticeable gap between the two options.

What struck me about those interest rates in January 2023 was how they reflected the Fed's rate hiking cycle. Jumbo mortgages were even higher at 6.52%, and if you wanted the flexibility of an adjustable rate, the 5/1 ARM was hanging around 5.37%. For anyone doing the math on a $100,000 loan, that 6.48% rate meant roughly $631 monthly in principal and interest—add in taxes and insurance and you're looking at real money.

Looking back, early 2023 interest rates marked a transition period in the housing market. Those rates had climbed steadily from pandemic lows, and homeowners were definitely feeling the squeeze. It's wild how much has shifted since that January.