Just looking back at mortgage rate data from mid-2023, and it's interesting to see where things were at that point. Back in June 2023, the 30-year mortgage interest rates were hovering around 7.11%, which was actually down slightly from the week before at 7.13%. If you were looking at a 15-year mortgage, rates sat at 6.53% that same month. Pretty wild to think about those mortgage interest rates june 2023 levels now.

The 52-week range back then showed lows around 5.26% and highs near 7.41% for the 30-year product. On a $100k loan at 7.11%, your monthly payment would've been roughly $673. That's a lot of interest over the life of the loan—we're talking about $142k in total interest charges.

What was driving those mortgage interest rates in june 2023? Mainly the Fed's approach to controlling inflation through rate hikes. Higher federal rates pushed long-term mortgage rates up. Your personal rate also depended on your credit score and debt-to-income ratio, which is why shopping around with multiple lenders made sense. The jumbo mortgage rates were even higher at 7.18%, and if you were considering an ARM, those were running around 6.04%.

Looking back, that period showed how tight the housing market was—low inventory kept prices elevated even with those mortgage interest rates. Definitely made it tough for buyers trying to find something affordable.