April 2022 Mortgage Rates

April 2022 mortgage rates continue to move higher as overblown fears of inflation grip the market. I’m sure a few people are saying “overblown????” so let me clarify. The market is pricing in a worst-case scenario for inflation and interest rates without considering what has caused inflation and what has happened in the past when we’ve seen rates move up significantly.

Supply issues are playing a big role with respect to inflation and rising interest rates do not fix supply issues. As for what happened in the past when interest rates went up significantly? The economy slowed to the point where interest rates moved lower.

I need to be clear, I think it’s wrong to assume/anticipate that we’ll see the low rates of 2021 however current rates are not sustainable and should reverse course. The timeline is impossible to predict but it could be a matter of weeks or months.

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Opportunities And Risks For April 2022 Mortgage Rates

April 2022 mortgage rates will probably go higher before they go lower. The market is strangled with fear over inflation and that is what will push April 2022 mortgage rates higher. Does this mean they’ll continue to move higher into the summer months?

They might but I think that is very unlikely. They are nearing a point where the economy should start to slow significantly. When 30-year fixed mortgage rates move to 4.50% or higher it takes a lot out of the economy. If rates go above 5.00% to let’s say 5.50% or even 6.00%, forget it – nothing is getting done.

The impact of higher April 2022 mortgage rates will not be seen for months but the market might anticipate the slow down so you may see rates reverse course later in the month or in May.

April 2022 Mortgage Rate Forecast For California

Here are our latest April 2022 mortgage rate forecasts for California:

  • 30-year fixed rates below 5.25%
  • 20-year fixed rates below 5.125%
  • 15-year fixed rates below 4.50%

Our April 2022 mortgage rate forecast is based on properties in California, a loan amount of $350,000, a primary home, excellent credit (740 or higher credit score), and a Loan-To-Value ratio below 60% (purchase transactions).

We may see days in which mortgage rates spike higher however overall we believe there will be opportunities to lock a mortgage rate at or below these levels throughout the month of March.

mortgage rates moving higher

Mortgage Rate And Payment Chart

Here is a quick reference guide to April 2022 mortgage rate possibilities in California (these are not quotes; just examples) and the payments associated with each level based on various conforming loan amounts. See our important disclosure below.

30-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
30-year fixed$225,0004.75%$1,173.71
30-year fixed$325,0004.75%$1,695.35
30-year fixed$425,0004.75%$2,217.00
30-year fixed$525,0004.75%$2,738.65

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$225,0004.50%$1,423.46
20-year fixed$325,0004.50%$2,056.11
20-year fixed$425,0004.50%$2,688.76
20-year fixed$525,0004.50%$3,321.41

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$225,0004.00%$1,664.30
15-year fixed$325,0004.00%$2,403.99
15-year fixed$425,0004.00%$3,143.67
15-year fixed$525,0004.00%$3,883.36

Important Disclosure For April 2022 mortgage rates: The above is not a mortgage rate quote; nor is it an offer to lend. It’s only a generic example of various mortgage rates, loan amounts, and payments. Our mortgage rate chart is meant to educate and inform our readers. The current April 2022 mortgage rate market may be higher or lower than the examples listed in these mortgage rate charts. Also; mortgage rates can and often do adjust multiple times a day. 

California Mortgage Calculator

Using a mortgage calculator to figure out your monthly payment is an essential part of buying a home in California or refinancing a current mortgage. Use our free mortgage calculator to help you determine what you can afford.

With our online mortgage calculator, you can also factor in your property tax amount along with your annual homeowner’s insurance amount with your monthly mortgage payment.

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Update Mortgage Guidelines April 2022

No significant changes to guidelines this month however alternative mortgages (ie Bank Statement Loans) are seeing high rate movements than conforming loans.

Economic Calendar For April 2022

Here we cover the daily economic events that might impact mortgage rates. After the report comes out we’ll update the post with that information and comment on if there is a potential impact on the Mortgage-Backed Securities market and consumer mortgage rates.

To start things off we have:

Friday – April 29th:

  • Chicago PMI: Chicago PMI came in at 56.4 and expectations were for a 62.0 reading.
  • Core PCE Inflation: This month the Core PCE Inflation report came in at 5.2% after last month’s reading of 5.4%

Thursday – April 28th:

  • Unemployment Claims: The weekly unemployment report came in at 180,000 and continued claims came in at 1,408,000.
  • Advance Q1 GDP: The Advance Q1 GDP report came in at -1.4%

Wednesday – April 27th:

  • MBA Purchase Index: The MBA Purchase Index came in at 234.7.
  • MBA Refinance Index: The MBA Refinance Index came in at 930.7.
  • Pending Home Sales: The Pending Home Sales report declined 1.2% as April 2022 mortgage rates continue to remain higher compared to earlier in the year.

Tuesday – April 26th:

  • Durable Goods Report: In March the Durable Goods report declined 2.1% and this month the report showed a gain of 0.8%.

Friday – April 22nd:

  • Markit Manufacturing PMI: Markit Manufacturing PMI for April came in at 59.7 vs. expectations of 58.2.

Thursday – April 21st:

  • Unemployment Claims: The weekly unemployment report came in at 184,000 and continued claims came in at 1,417,000.
  • Philly Fed Business Index: Last month the Philly Fed Business Index came in at 27.4 and this month it came in at 17.6.

Wednesday – April 20th:

  • MBA Purchase Index: The MBA Purchase Index came in at 254.0.
  • MBA Refinance Index: The MBA Refinance Index came in at 1023.2.
  • Existing Home Sales: The report for Existing Home Sales came in at 5,770,000 units (annual rate). April 2022 mortgage rates were not impacted by the report.

Thursday – April 7th:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 166,000 and continuing claims came in at 1,523,000.

Wednesday – April 6th:

  • MBA Purchase Index: The MBA Purchase Index came in at 258.1.
  • MBA Refinance Index: The MBA Refinance Index came in at 1166.3.

Tuesday – April 5th:

  • ISM Manufacturing PMI: The ISM Manufacturing PMI report came in at 57.1.

Friday – April 1st:

  • Employment Report: The monthly BLS Employment report came in at 431,000 jobs (expectations were for 490,000 – so a bit weaker) and the unemployment rate came in at 3.6%. Hourly wages increased 0.4% which was in line with expectations.

April 2022 Mortgage Rates In California – Average

We’ll update this section as we move further into April however to start off the month we’re seeing the following averages.

  • The average 30-year fixed mortgage rate is 4.50%.
  • The average 20-year fixed mortgage rate is 4.375%
  • The average 15-year fixed rate is 3.875%.

This is an average of the April 2022 mortgage rates of everyone we’re seeing; from less than perfect credit to excellent credit. Please keep in mind that mortgage rates adjust daily; sometimes multiple times during the day. For a mortgage quote specific to your situation please be sure to contact us directly.

Mortgage-Backed Securities & Treasury Snapshot

April 25th – April 29th:

Mortgage-Backed Security UMBS 3.5 started the trading at the 97.36 level and the UMBS 4.0 coupon started at the 99.75 level. The 10y Treasury yield was at the 2.82% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 96.78 level and the UMBS 4.0 coupon was nearing the 99.22 level. The 10y Treasury yield was at the 2.93% level.

April 18th – April 22nd:

Mortgage-Backed Security UMBS 3.5 started the trading at the 97.73 level and the UMBS 4.0 coupon started at the 100.02 level. The 10y Treasury yield was at the 2.86% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 96.70 level and the UMBS 4.0 coupon was nearing the 99.27 level. The 10y Treasury yield was at the 2.90% level.

April 11th – April 14th:

Mortgage-Backed Security UMBS 3.5 started the trading at the 98.16 level and the UMBS 4.0 coupon started at the 104.63 level. The 10y Treasury yield was at the 2.70% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 97.73 level and the UMBS 4.0 coupon was nearing the 99.98 level. The 10y Treasury yield was at the 2.82% level.

April 1st – April 8th:

Mortgage-Backed Security UMBS 3.5 started the trading at the 99.77 level and the UMBS 4.0 coupon started at the 101.80 level. The 10y Treasury yield was at the 2.35% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 98.50 level and the UMBS 4.0 coupon was nearing the 100.66 level. The 10y Treasury yield was at the 2.70% level.

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Loan Officer Kevin O'Connor

About The Author

Loan Officer Kevin O'Connor has over 17+ years of experience as a Mortgage Loan Originator and is licensed by the state of California and the Nationwide Mortgage Licensing System. He has a top rating with the Better Business Bureau, Google, Yelp, and Zillow. CA DRE #01499872 / NMLS #247447

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