March 2022 Mortgage Rates

March 2022 mortgage rates are stable as we head into the first month of Spring. Obviously, the big news is the Russian invasion of Ukraine and how this might impact mortgage rates.

Unless this turns into a war in which other European nations put boots on the ground, the impact the war will have only a minor mortgage impact on rates. Inflation is the number one issue for March 2022 mortgage rates.

FHA Mortgage Rates

Jumbo Mortgage Rates

Opportunities And Risks For March 2022 Mortgage Rates

The risk that March 2022 mortgage rates will go higher than February is not as big as most people think. Yes, the Fed will raise rates mid-month, but the industry has known about this for a long time. Also, the Fed doesn’t set mortgage rates, they only have an influence over them.

To be clear I don’t expect to see a big move down in mortgage rates either. I continue to suggest you lock in your mortgage rate sooner rather than later.

March 2022 Mortgage Rate Forecast For California

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

  • 30-year fixed rates below 4.25%
  • 20-year fixed rates below 4.125%
  • 15-year fixed rates below 3.50%

Our March 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.

A couple that refinanced

Mortgage Rate And Payment Chart

Here is a quick reference guide to March 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$220,0003.375%$972.61
30-year fixed$320,0003.375%$1,414.71
30-year fixed$420,0003.375%$1,856.80
30-year fixed$520,0003.375%$2,298.90

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$220,0003.25%$1,247.83
20-year fixed$320,0003.25%$1,815.03
20-year fixed$420,0003.25%$2,382.22
20-year fixed$520,0003.25%$2,949.42

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$220,0002.875%$1,506.09
15-year fixed$320,0002.875%$2,190.67
15-year fixed$420,0002.875%$2,875.26
15-year fixed$520,0002.875%$3,559.85

Important Disclosure For March 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 March 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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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 March 2022

No significant changes to guidelines this month however alternative mortgages (ie Bank Statement Loans) are seeing high rate movements than conforming loans.

Economic Calendar For March 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 – March 31st:

  • Core PCE: The Core PCE report came in at 5.4%
  • Unemployment Claims: This week’s Unemployment Claims report came in at 202,000 and continuing claims came in at 1,307,000

Wednesday – March 30th:

  • MBA Purchase Index: The MBA Purchase Index came in at 267.1.
  • MBA Refinance Index: The MBA Refinance Index came in at 1295.1.
  • ADP Employment Report: The ADP Employment report came in at 455,000 jobs created

Thursday – March 24th:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 187,000 and continuing claims came in at 1,350,000.
  • Durable Goods: The Durable Goods report came in at a decline of (-)2.25. Last month the report came in at (+)1.60%

Wednesday – March 23rd:

  • MBA Purchase Index: The MBA Purchase Index came in at 265.4.
  • MBA Refinance Index: The MBA Refinance Index came in at 1522.7.

Thursday – March 17th:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 214,000 and continuing claims came in at 1,419,000.
  • Philly Fed Business Index: The Philly Fed Index came in much stronger than anticipated ( 27.4 vs 15.00).

Wednesday – March 16th:

  • MBA Purchase Index: The MBA Purchase Index came in at 269.5.
  • MBA Refinance Index: The MBA Refinance Index came in at 1778.3.
  • Retail Sales: The monthly Retail Sales report came in weaker than last month; 0.3% and last month it was 3.8%. March 2022 mortgage rates did not improve post report.
  • FOMC Rate Decision: As expected the Fed raised a 1/4 point and plans to raise rates six more times in 2022.

Tuesday – March 15th:

  • Core Producer Prices: Expectations were for a reading of 8.7% however the report came in at 8.4% (Y/Y).

Thursday – March 10th:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 227,000 and continuing claims came in at 1,494,000.
  • Core CPI: The market was expecting the annual Core CPI rate to come in at 6.4% and that’s what happened. March 2022 mortgage rates were steady post report.

Wednesday – March 9th:

  • MBA Purchase Index: The MBA Purchase Index came in at 267.6.
  • MBA Refinance Index: The MBA Refinance Index came in at 1829.7.

Friday – March 4th:

  • Employment Report: The monthly BLS Employement report came in at 678,000 jobs created which is a huge number compared to the market expectations of 400,000. This is good news for the economy. Additional good news was that earnings came at 0.0. Why is this good? It shows that the earnings componet of inflation might be cooling off after significant increases over the last 3-6 months. March 2022 mortgage rates were slightly impacted after the jobs reports came out.

Thursday – March 3rd:

  • Unemployment Claims: This week’s Unemployment Claims report came in at 215,000 and continuing claims came in at 1,476,000.

Wednesday – March 2nd:

  • MBA Purchase Index: The MBA Purchase Index came in at 246.3.
  • MBA Refinance Index: The MBA Refinance Index came in at 1685.7.
  • ADP Employment Report: The market was expecting the ADP Employment report to show an increase of 388,000 and the report came in at 475,000 jobs created. March 2022 mortgage rates were unchanged post report.

Tuesday – March 1st:

  • ISM Manufacturing PMI: The ISM Manufacturing PMI report came in a bit stronger than expected (58.6 vs 58).

March 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 March 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

March 21st – March 31st:

Mortgage-Backed Security UMBS 3.5 started trading at the 100.72 level and the UMBS 4.0 coupon started at the 102.84 level. The 10y Treasury yield was at the 2.23% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 100.09 level and the UMBS 4.0 coupon was nearing the 101.89 level. The 10y Treasury yield was at the 2.45% level.

March 14th – March 18th:

Mortgage-Backed Security UMBS 3.5 started trading at the 101.02 level and the UMBS 4.0 coupon started at the 103.06 level. The 10y Treasury yield was at the 2.13% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 101.06 level and the UMBS 4.0 coupon was nearing the 103.06 level. The 10y Treasury yield was at the 2.15% level.

March 7th – March 11th:

Mortgage-Backed Security UMBS 3.5 started trading at the 102.48 level and the UMBS 4.0 coupon started at the 104.03 level. The 10y Treasury yield was at the 1.78% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 101.75 level and the UMBS 4.0 coupon was nearing the 103.73 level. The 10y Treasury yield was at the 1.99% level.

March 1st – March 4th:

Mortgage-Backed Security UMBS 3.5 started trading at the 103.27 level and the UMBS 4.0 coupon started at the 104.63 level. The 10y Treasury yield was at the 1.73% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 102.88 level and the UMBS 4.0 coupon was nearing the 104.30 level. The 10y Treasury yield was at the 1.73% level.

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For additional daily mortgage updates, you can also follow me on Twitter Loan Officer Kevin O’Connor and on Facebook Loan Officer Kevin O’Connor.

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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