Just looking back at what mortgage rates were in March 2022 and honestly, it's wild how much things have shifted. Back then, a 30-year fixed was sitting at 5.19% - which felt high at the time but seems almost quaint now. The 15-year was around 4.127%, and adjustable rates were even lower at 3.973% for a 5/1 ARM. Those March 2022 mortgage rates were climbing pretty fast from the pandemic lows everyone had gotten used to.

What's interesting is the context behind those numbers. The Fed was actively tightening by March 2022, raising rates for the first time that year to fight inflation. They'd already started tapering their mortgage-backed security purchases too. So the mortgage rates in March 2022 reflected this shift - people were starting to feel the squeeze if they were looking to buy or refinance. The 30-year had jumped from 4.955% just a week before, so the upward momentum was real.

Refinance rates were even steeper - the 30-year refi rate hit 5.289% by late March. For anyone sitting on an older mortgage, that window for favorable refinancing was basically closing. The broader economy was still dealing with pandemic aftermath - unemployment had recovered somewhat but GDP growth was spotty. Experts at the time were predicting modest rate increases through the year, though nobody quite predicted how far rates would actually climb after March 2022. It's a good reminder of how quickly the mortgage market can shift when the Fed gets serious about fighting inflation.