So I was looking back at mortgage rates from April 2023, and it's interesting to see where things were at that point. The average mortgage rates april 2023 data showed 30-year fixed mortgages sitting at 6.95%, which was actually down slightly from the week before. Meanwhile, 15-year mortgages were hovering around 6.23%, up from 6.18% the previous week.

What caught my attention about those mortgage rates in april 2023 was how the jumbo market was tracking. Thirty-year jumbo mortgages were at 7.06%, just barely up from the prior week. If you were borrowing $750,000 back then, you'd be looking at roughly $5,025 monthly for principal and interest. For comparison, a standard $100,000 loan at 6.95% would run you about $662 per month.

The 5/1 ARM rates were actually more attractive at 5.65%, though still well above the 52-week low of 3.60%. When you look at the bigger picture of april 2023 mortgage rates, the 52-week range showed how volatile things had been—30-year rates had swung from a low of 5.26% all the way up to 7.41%.

One thing worth noting is the difference between the interest rate and APR. That annual percentage rate includes lender fees and gives you the true all-in cost. For a 30-year mortgage, the APR was 6.96% versus the stated 6.95% rate. Over the life of a $100,000 loan, you'd end up paying about $138,301 in total interest. With 15-year mortgages, the numbers were tighter—$54,140 in total interest on the same loan amount. It's one of those snapshots that shows how much mortgage rates in april 2023 mattered for long-term borrowing costs.