Looking back at mortgage rates in October 2022, things were pretty rough for homebuyers. The 30-year fixed was sitting at 7.20% - that's a jump from 7.12% just a week prior. If you were shopping around back then, the 15-year option was at 6.40%, also climbing. For context, mortgage rates in October 2022 had hit a 52-week high of 7.24% on the 30-year side, so we were definitely in a challenging period.

The math on these rates was brutal. At 7.20% on a $100,000 loan, you'd be looking at roughly $679 monthly in principal and interest alone - not counting taxes and insurance. Over 30 years, that added up to about $144,364 in total interest. The 15-year option was steeper monthly ($866 per $100,000) but saved you interest overall at $55,811 total.

Jumbo mortgages weren't spared either - those averaged 7.21% that same week. The 5/1 ARM was comparatively lower at 5.45%, which some borrowers considered as rates climbed throughout October 2022. What made mortgage rates in October 2022 particularly noteworthy was the rapid acceleration - the APR on a 30-year had jumped to 7.21% from 7.13% in just seven days. If you were thinking about refinancing to lock in something better, the window was closing fast.