Just checked the mortgage rates from October 2022 and they were climbing pretty steadily back then. The 30-year fixed was sitting at 7.22%, up from 7.10% the week before. If you were looking at a 15-year mortgage, rates had hit 6.38%, so the gap between the two terms was getting tighter.

For context on those October 2022 mortgage rates - if you grabbed a $100k loan at 7.22%, you're looking at roughly $680 monthly for principal and interest. Over 30 years that adds up to about $145k in total interest. Pretty heavy when you think about it. The 15-year option at 6.38% would've run you $865 monthly but saved you over $88k in interest compared to the 30-year.

Jumbo mortgages were tracking slightly higher at 7.23%, and if ARM rates were your thing, the 5/1 option was at 5.41% that week. The whole mortgage rates landscape in October 2022 showed rates were moving up consistently, which made refinancing less attractive unless you had a really old rate locked in.