Just looked back at mortgage rates from september 2023 and noticed something interesting - the spread between 30-year and 15-year loans was pretty significant back then. The 30-year was sitting at 7.68% while 15-year fixed was 6.76%, so you'd save on interest but face those higher monthly payments. I remember september 2023 being right in that period when rates were pretty elevated.

What caught my eye was how the numbers actually played out - on a $100k mortgage at those september 2023 rates, you'd be paying around $711 monthly for the longer term versus $888 for the shorter one. Jumbo mortgages were slightly better at 7.43% if you qualified. The APR vs interest rate distinction also matters way more than people realize since fees add up.

Looking back at mortgage rates september 2023 data, the whole thing shows why people were actually considering rate locks and refinancing options back then. The Fed's moves really do ripple through everything. Interesting how much has shifted since that period.