So I was looking back at some mortgage data from early 2024 and noticed something interesting about how rates were moving around that time. The 30-year fixed was sitting at 7.57% while 15-year loans were at 6.78% - pretty tight spreads if you ask me. Back then, people were trying to figure out whether to lock in or wait it out.

What caught my attention was the APR breakdown. On a 30-year mortgage, the APR was actually higher than the base rate (7.51% vs 7.57%), which shows how much fees can add up. For someone looking at a $100k loan, monthly payments were running around $704 including principal and interest. Jumbo mortgages were slightly better at 7.44%, but obviously that's for bigger ticket homes.

The February 2024 mortgage rates picture showed that credit score and debt-to-income ratio really mattered for getting approved. Lenders wanted to see either 670+ credit scores or DTI below 43%. Down payments were another big factor - 20% down meant avoiding PMI on conventional loans. Rates also depended on whether you were buying a primary residence versus investment property.

Looking back, the Fed's rate decisions and bond market movements were the main drivers of mortgage rates that month. Economic conditions and inflation expectations played into it too. Interesting to see how all these factors were interconnected back then.