I was digging through some old market data and came across what mortgage rates looked like back in August 2023. Pretty interesting to look back at now. So at that time, the 30-year fixed was sitting around 7.48%, which had crept up from 7.42% the week before. If you were looking at the 15-year option, you'd be looking at roughly 6.76% - that was up about 9 basis points week over week. The APR on the 30-year was 7.41%, so there was a bit of a spread between the stated rate and what you'd actually pay when fees were factored in.

What struck me most was how the Federal Reserve's aggressive stance on rates was really the main driver pushing mortgage rates higher that August. They were trying to cool inflation, and it rippled through the whole mortgage market. If you had a $100k mortgage at those August 2023 mortgage rates on a 30-year term, you'd be looking at around $698 monthly just for principal and interest, which meant roughly $151k in total interest over the life of the loan.

For jumbo mortgages back then, the 30-year was averaging 7.30%, up from the prior week. Over the previous year, those jumbo rates had ranged from a low of 5.63% to a high of 9.25%, so there was decent volatility. On a $750k jumbo loan at that rate, your monthly payment would've been around $5,143.

The housing market situation that August was pretty constrained too. Limited inventory meant home prices weren't dropping despite elevated rates. So if you were thinking about buying, you were facing this double squeeze of high mortgage rates combined with still-appreciating home values. Refinancing was barely worth it for most people unless they could score a significantly lower rate. Your credit score and debt-to-income ratio were everything when lenders were deciding what rate to offer you. Those with scores above 670 had a much easier time getting competitive offers. The takeaway from August 2023 mortgage rates was pretty clear - the market was tight, rates were elevated, and buyers needed solid credit to get reasonable terms.