Just looked back at what mortgage rates were doing back in January 2023 and it's wild how much things shifted. At that time, 30-year fixed rates hit 6.48%, which was already climbing pretty aggressively. The 15-year was sitting at 5.64% if you wanted to pay things off faster. I remember that period because rates kept creeping up - 52 weeks prior the highest had been 7.01%, so there was a lot of volatility happening in the interest rates landscape that january 2023 timeframe. For jumbo mortgages, lenders were charging 6.52% on 30-year fixed, which meant serious monthly payments. On a 750k jumbo at that rate you're looking at nearly 4,755 a month just in principal and interest. The 5/1 ARM option was sitting at 5.37% if borrowers wanted to gamble on rates dropping later. What's interesting is the APR numbers - they were always a bit higher than the base rate because they factored in all the lender fees. On that 6.48% rate, the real APR was 6.50%. A lot of people were running the numbers back then to see if refinancing made sense, comparing their existing rates against these market prices to figure out if the costs were worth it. The takeaway was that interest rates in january 2023 were still pretty elevated compared to what people had locked in years before.