Just checked mortgage rates from early May 2023 and they were holding pretty steady around that time. The 30-year fixed was sitting at 6.85%, down slightly from 6.90% the day before. If you were looking at a 100k loan back then, you'd be paying roughly 655 bucks a month in principal and interest. Over 30 years, that adds up to about 135k in total interest, which is honestly pretty significant when you think about it.

The 15-year option was a bit lower at 6.16% that day, though obviously your monthly payment would be higher since you're paying it off faster. Around 853 per month on that same 100k loan. People shopping for jumbo mortgages in May 2023 were looking at 6.94% average rates, and if you had a 750k jumbo mortgage, monthly payments were hitting close to 5k.

What's interesting is the 5/1 ARM rates were notably lower at 5.76% during that period. Your initial payments would only be 584 monthly on a 100k loan with an ARM, though obviously rates adjust after the initial period. The whole mortgage rates in May 2023 picture showed rates had come down a bit from earlier weeks but were still pretty elevated compared to historical lows.

One thing worth understanding is APR versus the stated interest rate. The APR includes not just the interest rate but also fees and finance charges, so it gives you the real all-in cost of borrowing. That's why mortgage rates in May 2023 showed APR slightly higher than the base rate on most products. If you were actually running the numbers back then using a mortgage calculator, you'd factor in your down payment, taxes, insurance, and any HOA fees to get the true monthly cost. Helps you figure out what you could realistically afford rather than just looking at the headline rate.