Just checked the mortgage landscape back in July 2023 and the rates were sitting pretty steady. The average 30-year fixed was hovering around 7.39% APR, which honestly doesn't move that much week to week. I remember tracking those July 2023 mortgage rates because everyone was trying to figure out if it was a good time to lock in.

For context on what that meant: on a 100k loan at 7.39%, you're looking at roughly $692 monthly just for principal and interest. Over 30 years, that adds up to about $149k in interest alone. The 15-year option was sitting at 6.58%, which would run you $875 monthly on the same 100k - but you'd only pay around $57.5k in total interest.

Jumbo mortgages were slightly lower at 7.16% that week. If you were shopping for a bigger property, a $750k jumbo at that rate would've cost you around $5,072 monthly.

What struck me about those July 2023 mortgage rates was how stable they were - the 30-year only moved 0.03 points from the week prior. People always ask me about affordability, and honestly it comes down to three things: your income, your existing debt, and how much you can put down. APR matters because it's the real cost picture - not just the interest rate, but all the lender fees bundled in. That's what actually tells you what you're paying.