Just digging through some old mortgage rate data from back in October 2022 and wow, rates were really climbing at that point. The 30-year fixed was sitting at 7.20% that week, up from 7.12% just days before. If you were looking at 15-year mortgages, those were at 6.40%, also creeping upward. That was a pretty intense period for anyone trying to lock in a rate.

What's interesting looking back is how much those rates had moved over just 52 weeks at that time. The 30-year had ranged from a low of 5.43% all the way up to 7.24%. On a $100,000 loan at 7.20%, you'd be looking at roughly $679 monthly for principal and interest alone, and over the life of the loan that adds up to about $144,364 in total interest. Pretty significant difference compared to where rates had been earlier that year.

Jumbo mortgages were tracking similarly, with 30-year jumbo rates at 7.21%. Even the adjustable rate mortgages like 5/1 ARMs were at 5.45% that week. The whole mortgage rates landscape in October 2022 really showed how aggressive the rate environment had become. Definitely a reminder of how much timing matters when you're shopping for a mortgage.