So I was looking back at mortgage rates from early 2023, and it's interesting to see where things were at that time. Back in January, the 30-year fixed was sitting around 6.86%, which was actually down slightly from 6.87% the day before but up from 6.72% the previous week. If you were shopping for a 15-year mortgage back then, rates were at 5.95%, up about 0.20% from the week prior.

To give you a sense of what those mortgage rates jan 2023 meant in real terms: on a $100,000 loan at 6.86% for 30 years, you'd be looking at roughly $656 monthly for principal and interest, with total interest around $136,134 over the life of the loan. The 15-year option at 5.95% would run you about $841 per month on the same amount, but you'd only pay around $51,408 in interest total.

Jumbo mortgages were running higher at 6.92% for 30-year fixed, and if you were considering an ARM, the 5/1 ARM rate was at 5.49%. It's worth noting that the 52-week high for 30-year fixed had hit 7.41%, so rates were trending in different directions depending on the week.

Back then, the APR was a key number to watch since it included not just the interest rate but also lender fees. When you're comparing mortgage rates jan 2023 or any period, that APR gives you the real picture of total borrowing cost. The whole affordability question came down to income, existing debt, down payment size, and credit score - the usual factors that determine how much house you could actually qualify for.