Just checked the latest mortgage rate data and rates are climbing pretty steadily. The average 30-year fixed mortgage rate hit 7.20% back in October 2022, up from 7.12% the week before. If you're looking at a 15-year option instead, that's sitting at 6.40%. Honestly the jump happened pretty quick - rates keep moving up.

For anyone thinking about refinancing or locking in something lower, might be worth comparing what you have now. The 30-year mortgage rate of 7.20% means on a $100k loan you're looking at roughly $679 monthly just for principal and interest. Over the full loan term you'd pay around $144k in interest alone.

If you want something shorter, the 15-year mortgage rate gives you $866 monthly per $100k borrowed, but you pay less total interest - about $55k over the life of the loan. There's also jumbo mortgages at 7.21% if that applies to you, and some people are looking at ARM options which were around 5.45% at that time.

The key thing everyone asks about is APR versus the interest rate. APR basically shows you the all-in cost including lender fees, not just the rate itself. So when comparing different lenders, checking the APR is actually more useful than just looking at the mortgage rate number. Makes it easier to see what you're really paying.