March 2024 News And Events

Last month, it seemed the worst-case scenario for mortgage rates was playing out; inflation was rebounding and moving higher, and so were mortgage rates. Then something happened, and the market shifted the last few days of February.

Market participants started to embrace the idea that the most recent data was more likely a one-off rather than a new trend of inflation and mortgage rates moving higher. Only time will tell which argument is right.

Opportunities And Risks For March 2024 Mortgage Rates

Last month could not end fast enough for the mortgage industry. There is an opportunity for mortgage rates to improve as we move into March, but expectations for a big move lower will probably be wrong. There remain significant risks to the bond market and mortgage rates.

Keep an eye on the Employment, CPI, and PCE reports. If these reports are stronger than anticipated, then bond markets will sell off, and mortgage rates will move higher.

K.O. Home Loan Solutions March 2024 Mortgage Rate Forecast

Here are our latest March 2024 mortgage rate forecasts for California:

  • 30-year fixed rates below 6.50%
  • 20-year fixed rates below 6.375%
  • 15-year fixed rates below 6.125%

K.O Home Solutions March 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, overall, we believe there will be opportunities to lock a mortgage rate at or below these levels throughout the month of March.

Family Home

Mortgage Rate And Payment Chart

Here is a quick reference guide to March 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

TermLoan AmountMortgage RatePayment
30-year fixed$380,0006.375%$2,370.71
30-year fixed$480,0006.375%$2,994.58
30-year fixed$580,0006.375%$3,618.45
30-year fixed$680,0006.375%$4,242.32

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 determine your monthly payment is an essential part of 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).

Advanced Mortgage Calculator For City Pages

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Our California mortgage calculator is free and easy to use.

Our mortgage calculator is especially helpful for those who want to include their property taxes and property 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 March 2024

Here we cover the daily economic events that might impact March 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:

Wednesday – March 13th

  • MBA Purchase Index: The MBA Purchase Index came in at (pending)
  • MBA Refinance Index: The MBA Refinance Index came in at (pending)

Friday – March 8th

  • Employment Report: The market was expecting the jobs report to show 200,000 jobs created, and the market was expecting the report to show 200,000 jobs created. The unemployment rate came in at 3.9% (the market expected 3.7%), and earnings came in at a 0.61% increase (the market was expecting a 0.3% increase). March 2024 mortgage rates were stable post-report.

Thursday – March 7th

  • Challenger Layoffs: The Challenger Layoff report came in at 84,638, which is higher than last month’s report of 82,307 report.
  • Unemployment Claims: Weekly unemployment claims came in at 217,000, and continued claims came in at 1,906,000.

Wednesday – March 6th

  • MBA Purchase Index: The MBA Purchase Index came in at 141.1.
  • MBA Refinance Index: The MBA Refinance Index came in at 428.1.
  • JOLTS Report: The JOLTS report showed 8,863,000 job openings, whereas the market was expecting the report to show 8,900,000.

Mortgage-Backed Securities & Treasury Snapshot

Here are the two-week opening and closing levels of Mortgage-Backed Securities and the 10-year Treasury Yield.

March 1st – March 15th:

Mortgage-Backed Security UMBS 4.5 started trading at the 94.97 level, and the UMBS 5.0 coupon started at the 97.30 level. The 10y Treasury yield was at the 4.18%% level.

At the end of the week, Mortgage-Backed Security UMBS 4.5 was at the (pending) level, and the UMBS 5.0 coupon was nearing the (pending) level. The 10y Treasury yield was at the (pending) level.

March 16th – March 31st:

Mortgage-Backed Security UMBS 4.5 started trading at the (pending) level, and the UMBS 5.0 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 4.5 was at the (pending) level, and the UMBS 5.0 coupon was nearing the (pending) level. The 10y Treasury yield was at the (pending) level.

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For additional daily mortgage updates, you can also follow me on Twitter and on Facebook.

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 the content creator of K.O. Home Loan Solutions 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. You can contact him at 1-800-550-5538. CA DRE #01499872 / NMLS #247447