April 2024 mortgage rates are poised to move higher as the market fears inflation might accelerate over the next three to six months. If inflation does accelerate, the Fed will not be able to cut rates as soon as it had hoped, and the market will adjust to that possibility.
Keep an eye on the employment report and CPI report for clues. If they come in higher than expected, mortgage rates will move higher.
Opportunities And Risks For April 2024 Mortgage Rates
Right now, there are few opportunities for April 2024 mortgage rates to move lower, and there are significant risks to mortgage rates moving higher (at least in the short term).
As mentioned, the early economic reports (employment and CPI) will play a significant role and set the stage for a possible move higher.
K.O. Home Loan Solutions April 2024 Mortgage Rate Forecast
Here are our latest April 2024 mortgage rate forecasts for California:
- 30-year fixed rates below 7.00%
- 20-year fixed rates below 6.875%
- 15-year fixed rates below 6.50%
K.O Home Solutions April 2024 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, we believe there will be opportunities to lock a mortgage rate at or below these levels throughout April.
Mortgage Rate And Payment Chart
Here is a quick reference guide to April 2024 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
| Term | Loan Amount | Mortgage Rate | Payment |
| 30-year fixed | $335,000 | 6.75% | $2,172.80 |
| 30-year fixed | $435,000 | 6.75% | $2,821.40 |
| 30-year fixed | $535,000 | 6.75% | $3,470.00 |
| 30-year fixed | $635,000 | 6.75% | $4,118.60 |
Important disclosure: The above is not a mortgage rate quote nor 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 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 determine your monthly payment is essential to buying a home in California or refinancing a current mortgage. Our free mortgage calculator can help you determine what you can afford.
With our online mortgage calculator, you can also factor in your property tax and annual homeowner’s insurance into your monthly mortgage payment (as well as your HOA dues, if applicable).
Our California mortgage calculator is free and easy to use.
Our mortgage calculator is especially helpful for those wanting to include their property taxes and insurance in their monthly mortgage payment. If you have any questions about our California mortgage calculator, please don’t hesitate to ask.
Economic Calendar For April 2024
Here, we cover the daily economic events that might impact April 2024 mortgage rates. After the report comes out, we’ll update the post with that information and comment on whether there is a potential impact on the Mortgage-Backed Securities market and consumer mortgage rates.
To start things off, we have the following report:
- ISM Manufacturing report
- ADP Employment
- ISM Non-Manufacturing PMI
- BLS Employment report
Friday – April 26th
- Core PCE: In March, the Core PCE report came in at 2.8% (y/y) and 0.3% (m/m). This months report came in at 2.8% (y/y) and 0.3% (m/m).
Thursday – April 25th
- Unemployment Claims: Weekly unemployment claims came in at 207,000, and continued claims came in at 1,781,000.
Wednesday – April 24th
- MBA Purchase Index: The MBA Purchase Index came in at 144.2.
- MBA Refinance Index: The MBA Refinance Index came in at 472.7.
Thursday – April 18th
- Unemployment Claims: Weekly unemployment claims came in at 212,000, and continued claims came in at 1,812,000.
Wednesday – April 17th
- MBA Purchase Index: The MBA Purchase Index came in at 145.6.
- MBA Refinance Index: The MBA Refinance Index came in at 500.7
Monday – April 15th
- Retail Sales Report: Last month, the Retail Sales report came in at 0.6%, and this month, it came in at 0.7%.
Thursday – April 11th
- Unemployment Claims: Weekly unemployment claims came in at 211,000, and continued claims came in at 1,817,000.
Wednesday – April 10th
- MBA Purchase Index: The MBA Purchase Index came in at 138.7.
- MBA Refinance Index: The MBA Refinance Index came in at 498.3.
- CORE CPI: The month-over-month CORE CPI report came in at 0.4%, and the year-over-year report came in at 3.80%. Both were higher than what the market expected and pushed April 2024 mortgage rates higher.
Friday – April 5th
- Employment Report: The market expected the jobs report to show 200,000 jobs created, but the report showed 303,000. The unemployment rate came in at 3.8% (the market expected 3.7%), and earnings came in at a 0.3% increase (the market was expecting a 0.3% increase). April 2024 mortgage rates moved higher after the report.
Thursday – April 4th
- Challenger Layoffs: The Challenger Layoff report came in at 90,309, which is higher than last month’s report of 84,638.
- Unemployment Claims: Weekly unemployment claims came in at 221,000, and continued claims came in at 1,791,000.
Wednesday – April 3rd
- MBA Purchase Index: The MBA Purchase Index came in at 145.6.
- MBA Refinance Index: The MBA Refinance Index came in at 453.5.
Tuesday – April 2nd
- JOLTS Report: The JOLTS report showed 8,756,000 job openings, whereas the market was expecting the report to show 8,750,000.
Monday – April 1st
- ISM Manufacturing Prices Paid: The forecast called for a 52.7 reading; however, the report came in much higher (55.8).
Mortgage-Backed Securities & Treasury Snapshot
Here are the two-week opening and closing levels of Mortgage-Backed Securities and the 10-year Treasury Yield.
April 1st – April 15th:
Mortgage-Backed Security UMBS 4.5 started trading at the 94.60 level, and the UMBS 5.0 coupon started at the 97.05 level. The 10y Treasury yield was at the 4.32% level.
At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the 92.65 level, and the UMBS 5.0 coupon was nearing the 95.22 level. The 10y Treasury yield was at the 4.596% level.
April 16th – April 30th:
Mortgage-Backed Security UMBS 4.5 started trading at the 92.23 level, and the UMBS 5.0 coupon started at the 94.80 level. The 10y Treasury yield was at the 4.66% level.
At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the 92.18 level, and the UMBS 5.0 coupon was nearing the 94.79 level. The 10y Treasury yield was at the 4.68% level.
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