August 2022 Mortgage Rates

August 2022 mortgage rates could face several headwinds as we move further into the month. It’s been a good 4-6 weeks for mortgage rates but don’t expect the downtrend to continue. It’s not the way things work.

The recent move lower was just a reversal from an extreme high. Moving forward the market will most likely level off and trend sideways for a while. But that could change without notice if inflation continues to be a problem.

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Opportunities And Risks For August 2022 Mortgage Rates

August 2022 mortgage rates might disappoint a few people. From late June and most of July mortgage rates moved lower. 30-year fixed mortgage rates moved above 6% for the first time in decades so it’s not too surprising that mortgage rates reversed course and headed lower.

Be careful. If you think that mortgage rates will continue to move lower you might be in for a big surprise. There is a saying in the industry that I think you should know, mortgage rates take the elevator up and take the stairs down. The opportunity for August 2022 mortgage rates to move lower is minimal and the risk they move higher is greater. 

So if you are offered a rate that makes sense, don’t hesitate to lock.

August 2022 Mortgage Rate Forecast For California

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

  • 30-year fixed rates below 5.00%
  • 20-year fixed rates below 4.875%
  • 15-year fixed rates below 4.50%

Our August 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 August.

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Mortgage Rate And Payment Chart

Here is a quick reference guide to August 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$233,0004.50%$1,180.58
30-year fixed$333,0004.50%$1,687.26
30-year fixed$433,0004.50%$2,193.95
30-year fixed$533,0004.50%$2,700.63

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$233,0004.375%$1,458.40
20-year fixed$333,0004.375%$2,084.32
20-year fixed$433,0004.375%$2,710.24
20-year fixed$533,0004.375%$3,336.16

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$233,0003.875%$1,708.91
15-year fixed$333,0003.875%$2,442.35
15-year fixed$433,0003.875%$3,175.79
15-year fixed$533,0003.875%$3,909.23

Important Disclosure For August 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 August 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. 

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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 August 2022

There are no significant changes to guidelines this month.

Economic Calendar For August 2022

Here we cover the daily economic events that might impact August 2022 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 – August 26th:

  • Core PCE Inflation: This is a key report for the Fed and it came in weaker than expected (4.6% vs 4.7%). August 2022 mortgage rates remained flat heading into the weekend.

Thursday – August 25th:

  • Unemployment Claims: Weekly unemployment claims came in at 243,000 and continued claims came in at 1,415,000.

Wednesday – August 24th:

  • MBA Purchase Index: The MBA Purchase Index came in at 202.8.
  • MBA Refinance Index: The MBA Refinance Index came in at 609.8.
  • Durable Goods: This months Durable Goods report came in flat (0.0%)

Tuesday – August 23rd:

  • Markit Service PMI: The market was expecting the Market Service PMI to come in at 49.2 however it came in at 44.1. This is a positive for bonds however August 2022 mortgage rates were not impacted.
  • Markit Manufacturing PMI: This also came in weaker than expected (52.0 vs 51.3).

Thursday – August 18th:

  • Unemployment Claims: Weekly unemployment claims came in at 250,000 and continued claims came in at 1,437,000.

Wednesday – August 17th:

  • MBA Purchase Index: The MBA Purchase Index came in at 203.8.
  • MBA Refinance Index: The MBA Refinance Index came in at 627.1.

Friday – August 12th:

  • Consumer Sentiment: Expectations were for a reading of 52.5 however the reading came in at 55.1. August 2022 mortgage rates were not impacted by the report.

Thursday – August 11th:

  • Unemployment Claims: Weekly unemployment claims came in at 262,000 and continued claims came in at 1,428,000.

Wednesday – August 10th:

  • MBA Purchase Index: The MBA Purchase Index came in at 205.4.
  • MBA Refinance Index: The MBA Refinance Index came in at 662.9.
  • Core CPI: The Core CPI number came in at 5.90% (annual rate). This was below expectations and had a positive impact on August 2022 mortgage rates.

Friday – August 5th:

  • Employment Report: The market was expecting an increase of 250,000 jobs and the report came in at 528,000 jobs were created last month. The Unemployment rate came in at 3.5%. Post report August 2022 mortgage rates moved higher.

Thursday – August 4th:

  • Unemployment Claims: Last week Unemployment Claims came in at 259,000 and this week the number of claims came in at 260,000. Continued claims came in 1,416,000.

Wednesday – August 3rd:

  • MBA Purchase Index: The MBA Purchase Index came in at 208.4
  • MBA Refinance Index: The MBA Refinance Index came in at 640.6.
  • ISM Non-Manufacturing PMI: The market was expecting the ISM Non-Manufacturing PMI to come in at 54.0 and the final report came in at 59.9. This is good news for the economy but bad news for August 2022 mortgage rates.

Monday – August 1st:

  • ISM Manufacturing PMI: Last month the ISM Manufacturing PMI came in at 53.0 and this month it came in at 52.8. August 2022 mortgage rates remained stable post report.

August 2022 Mortgage Rates In California – Average

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

  • The average 30-year fixed mortgage rate is 5.00%.
  • The average 20-year fixed mortgage rate is 4.50%
  • The average 15-year fixed rate is 4.25%.

This is an average of the August 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

August 22nd – August 31st:

Mortgage-Backed Security UMBS 4.0 started trading at the 98.34 level and the UMBS 4.5 coupon started at the 99.97 level. The 10y Treasury yield was at the 3.02% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 97.50 level and the UMBS 4.5 coupon was nearing the 99.31 level. The 10y Treasury yield was at the 3.19% level.

August 15th – August 19th:

Mortgage-Backed Security UMBS 4.0 started trading at the 99.89 level and the UMBS 4.5 coupon started at the 101.16 level. The 10y Treasury yield was at the 2.76% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 98.81 level and the UMBS 4.5 coupon was nearing the 100.31 level. The 10y Treasury yield was at the 2.88% level.

August 8th – August 12th:

Mortgage-Backed Security UMBS 4.0 started trading at the 100.05 level and the UMBS 4.5 coupon started at the 101.19 level. The 10y Treasury yield was at the 2.76% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 99.72 level and the UMBS 4.5 coupon was nearing the 101.2 level. The 10y Treasury yield was at the 2.837% level.

August 1st – August 5th:

Mortgage-Backed Security UMBS 4.0 started trading at the 100.84 level and the UMBS 4.5 coupon started at the 100.7 level. The 10y Treasury yield was at the 2.88% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 99.59 level and the UMBS 4.5 coupon was nearing the 100.88 level. The 10y Treasury yield was at the 2.82% 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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