Been looking back at mortgage rate trends from a few years ago, and it's interesting to see how things have shifted. Back in May 2023, the 30-year fixed was hovering around 6.94% according to major lenders, with 15-year rates at 6.19%. Jumbo mortgages were sitting at 6.99% while ARM products like 5/1 options were lower at 5.73%. The spread between mortgage rates during that period showed pretty distinct patterns depending on loan type.

What caught my attention was how the APR (annual percentage rate) actually tells a different story than just the interest rate alone. On that 30-year mortgage at 6.94%, you're looking at roughly $661 per month per $100k borrowed - but over the life of the loan, you'd pay around $138k in total interest. The 15-year option at 6.19% would run $854 monthly but save you significantly on interest. For anyone considering jumbo mortgages, those rates made the monthly payment on a $750k loan come out to nearly $5k.

The bigger lesson from looking at mortgage rates in May 2023 was understanding what actually goes into affordability - it's not just the rate. Your income, existing debt, down payment size, and credit score all factor in. That's why comparing APR across lenders matters more than just chasing the lowest advertised rate. Rates have obviously moved since then, but the fundamentals of how to evaluate a mortgage deal haven't changed.