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Just looked back at some mortgage data from October 2022 and wow, rates were climbing fast back then. The 30-year fixed was sitting at 7.20%, up from 7.12% the week before. If you were looking at a 15-year mortgage, you were looking at 6.40%. Those were pretty rough times for anyone trying to lock in a rate.
What's wild is the range we saw over that year—the 30-year hit a low of 5.43% but peaked at 7.24%. For context, on a $100,000 loan at that 7.20% rate, you'd be paying around $679 monthly just in principal and interest, which adds up to like $144,000 in total interest over the life of the loan.
Jumbo mortgages weren't much better—those 30-year jumbo rates were at 7.21%. And if you were considering an ARM option, the 5/1 ARM was at 5.45%, which was actually the highest it had been all year at that point.
It's a good reminder of how much mortgage interest rates can swing. Back then, comparing APR across lenders was crucial because the all-in cost (interest plus fees) told a very different story than just looking at the base rate alone. Anyone refinancing had to really shop around to see if locking in made sense.