Just looking back at what was happening with mortgage rates in November 2022, and it's wild how much they climbed that year. The 30-year fixed was sitting at 7.36% by early November—a pretty sharp jump from where things started in January around 3.22%. That's the kind of shift that really affects people's monthly payments.

What caught my attention back then was the spread between the different mortgage types. The 15-year fixed was at 6.44%, which is noticeably lower than the 30-year, but obviously you're committing to much higher monthly payments since you're knocking out the loan in half the time. On a 100k mortgage, you're looking at roughly 868 a month versus 690 a month with the 30-year option. The trade-off is you'd pay way less interest overall—about 56k versus 148k over the life of the loan.

The jumbo mortgage rates in November 2022 were running at 7.37% for 30-year terms, basically tracking with regular fixed rates. What really stood out was how much the adjustable-rate mortgages were lagging—5/1 ARMs were only at 5.57%, which seemed like the only relative bargain at that point. Over the previous 52 weeks, rates had ranged from lows around 5.90% to highs near 7.41%, so there was real volatility happening.

The APR figures matter too since they include all the lender fees on top of interest. For that 30-year at 7.36%, the APR was actually 7.37%, so basically the same. People were pretty uncertain about where mortgage rates in November 2022 would go from there—expert predictions were all over the place, ranging from 5% to nearly 7% by year-end. If you were shopping around back then, the advice was to lock in a rate quickly once you found something competitive, because the landscape was shifting fast.