Just looking back at how mortgage rates were moving in early 2024. Back then, 30-year fixed rates were sitting around 7.15% with APR at 7.07%. The 15-year option was lower at 6.30% APR, and jumbo mortgages were pretty close to the 30-year rates at 7.13%. Interesting how those interest rates had been trending at that time.

So if you were looking at a 100K loan on a 30-year fixed back in February 2024, you'd be looking at roughly 675 a month for principal and interest. Over the full loan term, that's like 143K in total interest. With the 15-year option at 6.30%, your monthly would jump to 860 but you'd save significantly on interest - only about 55K total. The jumbo rates were basically tracking the standard 30-year, so high-balance borrowers weren't seeing much of a discount back then.

What was driving those interest rates back in early 2024? Mainly the Fed's benchmark decisions and inflation levels. Banks had been passing along higher costs to consumers, which is why rates stayed elevated through that period. Your credit score, debt-to-income ratio, and down payment size all mattered too if you wanted to lock in better terms. Most people were looking at 30 to 60 day rate locks, though you could extend to 90 or 120 days if your lender allowed it.

The different loan types each had their own angle back then. Conventional mortgages worked best if you had solid credit and could put 20% down to skip PMI. FHA loans were the move for people with lower credit or minimal down payment options. VA loans offered flexibility for military borrowers, and USDA loans opened doors for rural buyers with no down payment required. Jumbo loans were necessary for anyone buying in high-cost areas where the purchase price exceeded the conforming loan limits.