What is going to happen in June? No one can argue that 2024 has been fairly good for mortgage rates (unless you’re someone who was expecting a dramatic drop). We’ve seen stability and despite a two-three months of stronger than expected data, mortgage rates have remained below their post-COVID highs.
June 2024 mortgage rates will most likely continue with the trend of 2024, some weeks a bit lower, some weeks a bit higher. Even though inflation is clearly moving lower over the long term, the Fed apparently wants to see the year/year CPI report push below 3.00% before committing to cutting rates.
Opportunities And Risks For June 2024 Mortgage Rates
The biggest opportunity for June 2024 mortgage rates to improve depends on the data (as it has the past two years). However, even if we see some improvements to the inflation reports, don’t expect dramatic drops in mortgage rates.
The risk for June 2024 mortgage rates to move higher is lower than in recent months. That being said that can all change with one strong inflation report that scares the market.
K.O. Home Loan Solutions June 2024 Mortgage Rate Forecast
Here are our latest June 2024 mortgage rate forecasts for California:
- 30-year fixed rates below 6.875%
- 20-year fixed rates below 6.625%
- 15-year fixed rates below 6.375%
K.O Home Solutions June 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 June.
Mortgage Rate And Payment Chart
Here is a quick reference guide to June 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 | $330,000 | 6.125% | $2,005.11 |
| 30-year fixed | $430,000 | 6.125% | $2,612.73 |
| 30-year fixed | $530,000 | 6.125% | $3,220.34 |
| 30-year fixed | $630,000 | 6.125% | $3,827.95 |
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.
K.O. Home Loan Solution’s 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 June 2024
Here, we cover the daily economic events that might impact June 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
Thursday – June 27th
- Unemployment Claims: Weekly unemployment claims came in at 233,000, and continued claims came in at 1,839,000.
Wednesday June – 26th
- MBA Purchase Index: The MBA Purchase Index came in at 147.8.
- MBA Refinance Index: The MBA Refinance Index came in at 552.4.
Thursday – June 20th
- Unemployment Claims: Weekly unemployment claims came in at 238,000, and continued claims came in at 1,828,000.
Wednesday – June 19th
- MBA Purchase Index: The MBA Purchase Index came in at 146.
- MBA Refinance Index: The MBA Refinance Index came in at 552.7.
Tuesday – June 18th
- Retail Sales: The closely watched Retail Sales report came in at 0.1%, and last month’s report was revised lower to -0.2%. Both readings were favorable to June 2024 mortgage rates.
Thursday – June 13th
- Unemployment Claims: Weekly unemployment claims came in at 242,000, and continued claims came in at 1,820,000.
- Core Producer Prices: The Core Producer Prices report came in at 2.3% (year/year) and 0.0% (month/month).
Wednesday – June 12th
- MBA Purchase Index: The MBA Purchase Index came in at 143.7.
- MBA Refinance Index: The MBA Refinance Index came in at 554.7.
- CORE CPI: The year/year CORE CPI reading came in at 3.4% and the month/month CORE CPI reading came in at 0.2%. Both readings were lower than what the market was expecting.
Friday – June 7th
- Employment Report: The market expected the jobs report to show 185,000 jobs created, but the report showed only 272,000 jobs created. The unemployment rate came in at 4.0% (the market expected 3.9%), and earnings came in at a 0.4% increase (the market was expecting a 0.3% increase). June 2024 mortgage rates were stable after the report.
Thursday – June 6th
- Challenger Layoffs: The Challenger Layoff report came in at 63,816, which is lower than last month’s report of 64,789.
- Unemployment Claims: Weekly unemployment claims came in at 229,000, and continued claims came in at 1,792,000.
Wednesday – June 5th
- MBA Purchase Index: The MBA Purchase Index came in at 132.3.
- MBA Refinance Index: The MBA Refinance Index came in at 432.1.
- ADP Jobs Report: The ADP Jobs report came in at 152,000 and pre-report estimates were 175,000.
Tuesday – June 4th
- JOLTS Report: The JOLTS report showed 8,059,000 job openings, whereas the market was expecting the report to show 8,340,000. This is positive news for June 2024 mortgage rates.
Mortgage-Backed Securities & Treasury Snapshot
Here are the two-week opening and closing levels of Mortgage-Backed Securities and the 10-year Treasury Yield.
June 1st – June 15th:
Mortgage-Backed Security UMBS 4.5 started trading at the 94.34 level, and the UMBS 5.0 coupon started at the 96.79 level. The 10y Treasury yield was at the 4.383% level.
At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the 95.34 level, and the UMBS 5.0 coupon was nearing the 97.53 level. The 10y Treasury yield was at the 4.225% level.
June 16th – June 30th:
Mortgage-Backed Security UMBS 4.5 started trading at the 94.98 level, and the UMBS 5.0 coupon started at the 97.25 level. The 10y Treasury yield was at the 4.281% level.
At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the 94.08 level, and the UMBS 5.0 coupon was nearing the 96.62 level. The 10y Treasury yield was at the 4.398% level.
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