June 2023 News And Events

Heading into June, mortgage rates have been moving higher. The culprit? The debt ceiling and recent economic data might push the Fed to raise rates again in June. Bank failures are old news (for now), and inflation fears are creeping back into the market. There still is a chance the Fed pauses in June, but a strong employment report and a higher-than-expected CPI report might change that. The Fed meets on June 13th and 14th.

Opportunities And Risks For June 2023 Mortgage Rates

The opportunity for mortgage rates to move lower in June is tied to three things;

  • Employment Report
  • CPI Report
  • The Fed

The first two will influence what the Fed will do in mid-June. Heading into the meeting, most investors think the Fed will pause; however, it’s certainly not an overwhelming majority.

June 2023 Mortgage Rate Forecast For California

Here are our latest June 2023 mortgage rate forecasts for California:

  • 30-year fixed rates below 6.50%
  • 20-year fixed rates below 6.375%
  • 15-year fixed rates below 6.25%

Our June 2023 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 June.

higher interest rates ahead

Mortgage Rate And Payment Chart

Here is a quick reference guide to June 2023 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$345,0006.00%$2,068.45
30-year fixed$445,0006.00%$2,668.00
30-year fixed$545,0006.00%$3,267.55
30-year fixed$645,0006.00%$3,867.10

20-Year Fixed-Rate Mortgage

TermLoan AmountMortgage RatePayment
20-year fixed$345,0005.75%$2,422.19
20-year fixed$445,0005.75%$3.124.27
20-year fixed$545,0005.75%$3,826.36
20-year fixed$645,0005.75%$4,528.44

15-Year Fixed-Rate Mortgage

TermLoan AmountMortgage RatePayment
15-year fixed$345,0005.50%$2,818.94
15-year fixed$445,0005.50%$3,636.02
15-year fixed$545,0005.50%$4,453.10
15-year fixed$645,0005.50%$5,270.19

Important disclosure: 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 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.

Advanced Mortgage Calculator For City Pages

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Our California mortgage calculator is free and easy to use.

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.

Update Mortgage Guidelines June 2023

No updates.

Economic Calendar For June 2023

Here we cover the daily economic events that might impact June 2023 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 the following report:

Thursday – June 30th:

  • Core PCE: The Core PCE Inflation report came in at 4.6% (year/year) and 0.3% (month/month). No big surprised, and June 2023 mortgage rates were stable post-report.
  • Chicago PMI: The Chicago PMI report came in at 41.5 and the market was expecting 44.

Thursday – June 29th:

  • Unemployment Claims: There were 239,000 claims which is lower than the 265,000 forecast. Continued Claims came in at 1,742,000.

Wednesday – June 28th:

  • MBA Purchase Index: The MBA Purchase Index came in at 170.3.
  • MBA Refinance Index: The MBA Refinance Index came in at 439.2.

Thursday – June 22nd:

  • Unemployment Claims: There were 264,000 claims which is higher than the 260,000 forecast. Continued Claims came in at 1,759,000.
  • Leading Index Change: The market was expecting the report to show -0.7% and that is exactly where it came in. June 2023 mortgage rates remained flat post report.

Wednesday – June 21st:

  • MBA Purchase Index: The MBA Purchase Index came in at 165.6.
  • MBA Refinance Index: The MBA Refinance Index came in at 425.1.

Thursday – June 15th:

  • Unemployment Claims: There were 262,000 claims which is higher than the 249,000 forecast.
  • Retail Sales: The Retail Sales report came in at 0.3%, which is stronger than the -0.1% the market was expecting.

Wednesday – June 14th:

  • MBA Purchase Index: The MBA Purchase Index came in at 163.2.
  • MBA Refinance Index: The MBA Refinance Index came in at 434.1.
  • Core Producer Prices: The month/month report came in at 0.2%, and the year/year report came in at 2.8%.

Thursday – June 8th:

  • Unemployment Claims: There were 261,000 claims which is higher than the 235,000 forecast.

Wednesday – June 7th:

  • MBA Purchase Index: The MBA Purchase Index came in at 151.7.
  • MBA Refinance Index: The MBA Refinance Index came in at 409.7.

Monday – June 5th:

  • ISM Non-Manufacturing PMI: (pending)

Friday – June 2nd:

  • Employment Report: The market was expecting the jobs report to show 190,000 jobs created; however, the report came in much stronger (339,000 jobs created). The economist who provide a forecast for the Employment report always seem to be well below the actual number. The unemployment rate came in at 3.7% (the market expected 3.5%), and earnings came in at 0.3% increase (the market was expecting a 0.3% increase).

Thursday – June 1st:

  • ADP Jobs Report: The market was expecting 170,000 jobs created, and the report came in at 278,000 jobs created.
  • ISM Manufacturing PMI: Last month, the ISM Manufacturing PMI report came in at 47.1, and this month it came in at 46.9 (market expectations were 47.0). ISM remains in contraction territory.

June 2023 Mortgage Rates In California – Averages

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

  • The average 30-year fixed mortgage rate is 6.50%.
  • The average 20-year fixed mortgage rate is 6.375%
  • The average 15-year fixed rate is 6.00%.

This is an average of the June 2023 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 me directly.

Mortgage-Backed Securities & Treasury Snapshot

June 1st – June 15th:

Mortgage-Backed Security UMBS 4.5 started trading at the 98.77 level, and the UMBS 5.0 coupon started at the 97.66 level. The 10y Treasury yield was at the 3.59% level.

At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the 96.84 level, and the UMBS 5.0 coupon was nearing the 98.67 level. The 10y Treasury yield was at the 3.72% level.

June 16th – June 30th:

Mortgage-Backed Security UMBS 4.5 started trading at the 96.66 level, and the UMBS 5.0 coupon started at the 98.52 level. The 10y Treasury yield was at the 3.76% level.

At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the 96.00 level, and the UMBS 5.0 coupon was nearing the 97.86 level. The 10y Treasury yield was at the 3.84% 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 a trusted resource for mortgage education and information. He's 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. You can contact him at 1-800-550-5538. CA DRE #01499872 / NMLS #247447