February 2022 Mortgage Rates

February 2022 mortgage rates are higher than what we’ve seen the last two years however they are still relatively low compared to even 3-4 years ago. Will February 2022 mortgage rates continue to push higher – most likely yes. But will they go back to previous lows in March/April – one in a billion chance that happens. While the Fed does not dictate mortgage rates they do have an influence over them and right now the Fed is very hawkish. They want higher rates across the board.

FHA Mortgage Rates

Jumbo Mortgage Rates

Opportunities And Risks For February 2022 Mortgage Rates

The opportunity for February 2022 mortgage rates to improve is a smidge above zero percent. For now, February 2022 mortgage rates are under pressure to move higher. This is not the time to try and see if mortgage rates dip because the most likely scenario is they’ll move higher.

February 2022 Mortgage Rate Forecast For California

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

  • 30-year fixed rates below 4.125%
  • 20-year fixed rates below 4.00%
  • 15-year fixed rates below 3.50%

Our February 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 February.

higher interest rates ahead

Mortgage Rate And Payment Chart

Here is a quick reference guide to February 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$285,0003.50%$1,279.78
30-year fixed$385,0003.50%$1,728.82
30-year fixed$485,0003.50%$2,177.87
30-year fixed$585,0003.50%$2,626.91

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$285,0003.375%$1,634.64
20-year fixed$385,0003.375%$2,208.19
20-year fixed$485,0003.375%$2,781.75
20-year fixed$585,0003.375%$3,335.31

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$285,0003.00%$1,968.16
15-year fixed$385,0003.00%$2,658.74
15-year fixed$485,0003.00%$3,349.82
15-year fixed$585,0003.00%$4,039.90

Important Disclosure For February 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 February 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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And our mortgage calculator is especially helpful for those who want to impound their property taxes and property insurance into their monthly mortgage payment. If you have any questions about or California mortgage calculator please don’t hesitate to ask.

California VA Home Loan

If you are a veteran please be sure to check out our California VA Home Loan program. We offer several great options to those who have served our country. Whether you are refinancing or purchasing or rehabbing – we have solutions to match your needs.

The California VA Home Loan streamline refinance is one of the best refinance programs in the country. And if your home needs a little work, you’ll definitely want to check out the VA home loan rehab option.

Update Mortgage Guidelines February 2022

No significant changes to guidelines this month.

War And Mortgage Rates

A big headline on February 11th, 2022 was the possibility of Russia invading Ukraine. After a week of mortgage rates moving higher the market had some relief on the news that the US government believes Putin will invade Ukraine next week.

So the question many homebuyers and homeowners have is does war help or hurt mortgage rates?

Generally speaking, international conflicts have little impact on mortgage rates in the long term. The bond market did rally on Friday, mortgage rates improved just a tad and that may continue as the uncertainty of war builds. That happens because investors start to pull money out of stocks and into the safe haven of bonds.

But that buying only lasts for so long even, as the war continues, and mortgage lenders know this so they are less likely to pass on improvements during this time.

Economic Calendar For February 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:

Thursday – February 17th:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 248,000 and continuing claims came in at 1,593,000.
  • Philly Fed Business Index: Last month the Philly Fed Index came in at 20.0 and this month it was 16.0.

Wednesday – February 16th:

  • MBA Purchase Index: The MBA Purchase Index came in at 279.0.
  • MBA Refinance Index: The MBA Refinance Index came in at 1988.8.
  • Retail Sales: The Retail Sales report came in at 3.8% and the market was expecting 2.00%. February 2022 mortgage rates remained stable post report.

Tuesday – February 15th:

  • Producer Prices: Market expectations were for a 0.5% increase and the report showed a 1.0% increase.

Thursday – February 10th:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 223,000 and continuing claims came in at 1,621,000.
  • Core CPI: The market was expecting the annual Core CPI rate to come in at 5.9% however the reading came in at 6.0%. February 2022 mortgage rates moved higher on the news.

Wednesday – February 9th:

  • MBA Purchase Index: The MBA Purchase Index came in at 282.3.
  • MBA Refinance Index: The MBA Refinance Index came in at 2183.5.

Friday – February 4th:

  • Employment Report: A huge beat with this report and post report February 2022 mortgage rates moved significantly higher. The market was expecting only 150,000 jobs created however the report came in at 467,000 jobs created. Earnings also came in much stronger than anticipated. This was a good report for the economy and really bad report for mortgage rates.

Thursday – February 3rd:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 238,000 and continuing claims came in at 1,628,000.

Wednesday – February 2nd:

  • MBA Purchase Index: The MBA Purchase Index came in at 312.2.
  • MBA Refinance Index: The MBA Refinance Index came in at 2355.4.
  • ADP Employment Report: A huge miss on this report however February 2022 mortgage rates remained stable post report. The market was expecting an increase of 207,000 jobs created however it showed a DECLINE of 301,000 jobs.

Tuesday – February 1st:

  • ISM Manufacturing PMI: The ISM report came in a bit stronger than expected (57.6 vs 57.5). February 2022 mortgage rates were not impacted by the report.

February 2022 Mortgage Rates In California – Average

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

  • The average 30-year fixed mortgage rate is 3.875%.
  • The average 20-year fixed mortgage rate is 3.75%
  • The average 15-year fixed rate is 3.00%.

This is an average of the February 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

February 21st – February 25th:

Mortgage-Backed Security UMBS 3.5 started trading at the (pending) level and the UMBS 4.0 coupon started at the (pending) level. The 10y Treasury yield was at the (pending) level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the (pending) level and the UMBS 4.0 coupon was nearing the (pending) level. The 10y Treasury yield was at the (pending) level.

February 14th – February 18th:

Mortgage-Backed Security UMBS 3.5 started trading at the 102.66 level and the UMBS 4.0 coupon started at the 104.59 level. The 10y Treasury yield was at the 1.95% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the (pending) level and the UMBS 4.0 coupon was nearing the (pending) level. The 10y Treasury yield was at the (pending) level.

February 7st – February 11th:

Mortgage-Backed Security UMBS 2.5 started trading at the 99.80 level and the UMBS 3.0 coupon started at the 102.11 level. The 10y Treasury yield was at the 1.78% level.

At the end of the week, Mortgage-Backed Security UMBS 2.5 was at the (NA) level and the UMBS 3.0 coupon was nearing the 102.83 level. The 10y Treasury yield was at the 1.918% level.

February 1st – February 4th:

Mortgage-Backed Security UMBS 2.5 started trading at the 99.80 level and the UMBS 3.0 coupon started at the 102.11 level. The 10y Treasury yield was at the 1.78% level.

At the end of the week, Mortgage-Backed Security UMBS 2.5 was at the 101.36 level and the UMBS 3.0 coupon was nearing the 98.98 level. The 10y Treasury yield was at the 1.77% 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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