June 2022 Mortgage Rates

The direction of June 2022 mortgage rates will be watched closely as the market digests economic data impacted by the Fed moving rates higher. Is the Fed doing enough or too little to combat inflation?

It’s 100% certain the Fed will raise again in June (most likely 0.50%) and some say a July increase is just as certain. However, we are starting to see the impact higher rates are having on the economy and the Fed wants to avoid a recession.

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Opportunities And Risks For June 2022 Mortgage Rates

June 2022 mortgage rates…which direction will they go? Some reports claim mortgage rates will only go “significantly” higher however I think that is not very likely (at least for now). 

The biggest driver of mortgage rates this year has been inflation and it’s clear that inflation has leveled off. Unless we see inflation numbers resume their upward trend I think we’ve entered a period in which mortgage rates will level off. 

Is there an opportunity for June 2022 mortgage rates to move lower? Absolutely but I would not expect to see a significant move down. A possible catalyst for that is softer inflation and weaker economic numbers. That could push June 2022 mortgage rates lower as we move further into the month.

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June 2022 Mortgage Rate Forecast For California

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

  • 30-year fixed rates below 4.75%
  • 20-year fixed rates below 4.625%
  • 15-year fixed rates below 4.25%

Our June 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.

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Mortgage Rate And Payment Chart

Here is a quick reference guide to June 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$245,0004.375%$1,223.25
30-year fixed$345,0004.375%$1,722.53
30-year fixed$445,0004.375%$2,221.82
30-year fixed$545,0004.375%$2,721.10

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$245,0004.25%$1,517.12
20-year fixed$345,0004.25%$2,136.36
20-year fixed$445,0004.25%$2,755.59
20-year fixed$545,0004.25%$3,374.83

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$245,0003.75%$1,781.69
15-year fixed$345,0003.75%$2,508.92
15-year fixed$445,0003.75%$3,236.14
15-year fixed$545,0003.75%$3,963.36

Important Disclosure For June 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 June 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 June 2022

There are no significant changes to guidelines this month.

Economic Calendar For June 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 – June 30th:

  • Unemployment Claims: The Unemployment Claims report came it at 231,000 and continued claims at 1,328,000. Very similar to last week’s report and mortgage rates were not impacted by the report.
  • Core PCE: This important inflation report came in below expectations (4.7% vs 4.8%).
  • Chicago PMI: The Chicago PMI report came in at 56.0 and last month it came in at 60.3. June 2022 mortgage rates responded well to the report.

Wednesday – June 29th

  • MBA Purchase Index: The MBA Purchase Index came in at 243.1.
  • MBA Refinance Index: The MBA Refinance Index came in at 726.1.
  • GDP Final: The Q1 GDP Final report came in at -1.6%.

Monday – June 27th:

  • Durable Goods: The Durable Goods report came in at 0.7% and last month it came in at 0.5%.

Friday – June 24th:

  • Consumer Sentiment: Consumer Sentiment came in at 50. Last month it was 50.2. The report is good for mortgage rates, but no so good for the economy.

Thursday – June 23rd:

  • Unemployment Claims: The Unemployment Claims report came it at 229,000 and continued claims at 1,315,000. Very similar to last week’s report and mortgage rates were not impacted by the report.

Wednesday – June 22nd

  • MBA Purchase Index: The MBA Purchase Index came in at 242.8.
  • MBA Refinance Index: The MBA Refinance Index came in at 712.7.

Tuesday – June 21st:

  • Existing Home Sales: Last month the Existing Home Sales report came in at an annual rate of 5,610,000 units and this month it came in at 5,410,000 units. Sales are clearly slowing and June 2022 mortgage rates remained stable post report.

Thursday – June 16th:

  • Unemployment Claims: The Unemployment Claims report came it at 229,000 and continued claims at 1,312,000.
  • Philly Fed Index: The Philly Fed Index came in at -3.3 (below expectations of 5.5).

Wednesday – June 15th

  • MBA Purchase Index: The MBA Purchase Index came in at 225.0.
  • MBA Refinance Index: The MBA Refinance Index came in at 735.5.
  • Retail Sales: The Retail Sales report was much weaker than expected (0.2% vs -0.3%)

Tuesday – June 14th:

  • Producer Prices Index: A much better report than the CPI report however bonds are still selling off. The report came in at 8.3% when the market was expecting 8.6%.

Friday – June 10th:

  • CPI Report: This report was a disaster for bonds. Annual CPI came in higher than expected at 8.6%. June 2022 mortgage rates skyrocketed post report.

Thursday – June 9th:

  • Unemployment Claims: This week the number of claims came in at 200,000. Continued claims came in 1,306,000. June 2022 mortgage rates were stable heading into Friday’s CPI report.

Wednesday – June 8th

  • MBA Purchase Index: The MBA Purchase Index came in at 208.2.
  • MBA Refinance Index: The MBA Refinance Index came in at 709.5.

Friday – June 3rd:

  • Employment Report: One of the most important economic reports each month is the BLS Employment report. This month was no different. 390,000 jobs were created and Average Earnings increased 0.3%. The Unemployment rate came in at 3.6%. Post report June 2022 mortgage rates were a bit worse heading into the weekend.

Thursday – June 2nd:

  • Unemployment Claims: Last week Unemployment Claims came in at 210,000 and this week the number of claims came in at 200,000. Continued claims came in 1,309,000.
  • ADP Employment Report: The monthly ADP Employment report showed 128,000 jobs created which was below last month’s report of 247,000 jobs created. June 2022 mortgage rates remained stable post report.

Wednesday – June 1st

  • MBA Purchase Index: The MBA Purchase Index came in at 224.1.
  • MBA Refinance Index: The MBA Refinance Index came in at 751.6.
  • ISM Manufacturing PMI: Last month the ISM Manufacturing PMI came in at 55.4 and this month it came in at 56.1. June 2022 mortgage rates were under pressure post report.

June 2022 Mortgage Rates In California – Average

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

  • The average 30-year fixed mortgage rate is 5.25%.
  • The average 20-year fixed mortgage rate is 4.75%
  • The average 15-year fixed rate is 4.375%.

This is an average of the June 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

June 27th – June 30th:

Mortgage-Backed Security UMBS 4.0 started the trading at the 97.69 level and the UMBS 4.5 coupon started at the 99.63 level. The 10y Treasury yield was at the 3.20% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 98.59 level and the UMBS 4.5 coupon was nearing the 100.77 level. The 10y Treasury yield was at the 3.01% level.

June 20th – June 24th:

Mortgage-Backed Security UMBS 4.0 started the trading at the 97.22 level and the UMBS 4.5 coupon started at the 99.27 level. The 10y Treasury yield was at the 3.28% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 97.97 level and the UMBS 4.5 coupon was nearing the 99.88 level. The 10y Treasury yield was at the 3.13% level.

June 13th – June 17th:

Mortgage-Backed Security UMBS 4.0 started the trading at the 96.75 level and the UMBS 4.5 coupon started at the 98.66 level. The 10y Treasury yield was at the 3.37% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 97.16 level and the UMBS 4.5 coupon was nearing the 99.22 level. The 10y Treasury yield was at the 3.25% level.

June 1st – June 10th:

Mortgage-Backed Security UMBS 4.0 started the trading at the 99.69 level and the UMBS 4.5 coupon started at the 101.34 level. The 10y Treasury yield was at the 2.875% level.

At the end of the week, Mortgage-Backed Security UMBS 4.0 was at the 98.19 level and the UMBS 4.5 coupon was nearing the 99.92 level. The 10y Treasury yield was at the 3.16% 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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