May 2022 Mortgage Rates

May 2022 mortgage rates might show signs of leveling off if the Fed decides to ease up on the constant talk of higher rates in 2022. Since January the Fed members have continually scared the market into pushing rates higher and we’re clearly starting to see the impact higher rates will have on the economy.

Is the slowing enough to cause Fed members to ease up or will Fed members continue to push market rates higher?

FHA Mortgage Rates

Jumbo Mortgage Rates

Opportunities And Risks For May 2022 Mortgage Rates

The direction of May 2022 mortgage rates is unknown heading into the last full month of Spring. Most people think mortgage rates will continue to move higher however I think the more likely scenario is that they level off.

The reason is that rates have doubled in less than six months, and the impact of that move takes time. I think market participants are aware of that but if the Fed continues to scare the market then rates will move higher in the short term.

We’ll know more post Fed meeting!

May 2022 Mortgage Rate Forecast For California

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

  • 30-year fixed rates below 5.00%
  • 20-year fixed rates below 4.875%
  • 15-year fixed rates below 4.375%

Our May 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.

JB Mortgage Capital, Inc.

Mortgage Rate And Payment Chart

Here is a quick reference guide to May 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$235,0004.50%$1,190.71
30-year fixed$335,0004.50%$1,697.40
30-year fixed$435,0004.50%$2,204.08
30-year fixed$535,0004.50%$2,710.77

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$235,0004.375%$1,470.92
20-year fixed$335,0004.375%$2,096.84
20-year fixed$435,0004.375%$2,722.76
20-year fixed$535,0004.375%$3,348.68

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$235,0003.875%$1,723.58
15-year fixed$335,0003.875%$2,457.02
15-year fixed$435,0003.875%$3,190.46
15-year fixed$535,0003.875%$3,923.90

Important Disclosure For May 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 May 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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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 May 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 May 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 – May 19th:

  • Unemployment Claims: This week’s unemployment claims came in at 218,000 and continued claims came in at 1,317,000.
  • Philly Fed Business Index: There was a sharp decline in the Philly Fed Business Index. Last month it was 17.6 and this month it declined to 2.6. May 2022 mortgage rates improved post report.

Wednesday – May 18th:

  • MBA Purchase Index: The MBA Purchase Index came in at 225.0.
  • MBA Refinance Index: The MBA Refinance Index came in at 826.9.
  • Retail Sales: The monthly Retail Sales report showed a 0.9% increase. There was a revision to last month’s report. It was revised from 0.5% to 1.4%. May 2022 mortgage rates were negatively impacted by the report.

Tuesday – May 17th:

  • Retail Sales: The monthly Retail Sales report showed a 0.9% increase. There was a revision to last month’s report. It was revised from 0.5% to 1.4%. May 2022 mortgage rates were negatively impacted by the report.

Friday – May 13th:

  • 1yr and 5yr Inflation Outlook: The 1yr Inflation Outlook reading came in at 5.4% and the 5yr Inflation Outlook came in at 3.0%.

Thursday – May 12th:

  • Unemployment Claims: This week’s unemployment claims came in at 203,000 and continued claims came in at 1,343,000. May 2022 mortgage rates are showing signs of improvement due to market conditions.

Wednesday – May 11th:

  • MBA Purchase Index: The MBA Purchase Index came in at 255.4.
  • MBA Refinance Index: The MBA Refinance Index came in at 913.6.
  • Core CPI (annual): The all-important Core CPI report came in at 6.2% (last month it was 6.5%). May 2022 mortgage rates remained stable post report.

Monday – May 9th:

  • Wholesale Inventories: The Wholesale Inventory report came in at a 2.3% increase.

Friday – May 6th:

  • Employment Report: The monthly BLS Employment Report came in at 428,000 jobs created, and earnings showed a 0.3% increase. The unemployment rate came in at 3.6%.

Thursday – May 5th:

  • Unemployment Claims: This week’s unemployment claims came in at 200,000 and continued claims came in at 1,384,000. May 2022 mortgage rates were not impacted by the report.

Wednesday – May 4th:

  • MBA Purchase Index: The MBA Purchase Index came in at 244.4.
  • MBA Refinance Index: The MBA Refinance Index came in at 932.3.
  • ADP Employment Report: The monthly ADP Employment report came in at 247,000 jobs created and the market was expecting 395,000 jobs created. May 2022 mortgage rates were not impacted by the report.
  • FOMC Rate Decision: The Fed raised by .50% as the market was expecting. They anticipate raising by a .50% at each of the next two meetings.

Monday – May 2nd:

  • ISM Manufacturing PMI: The ISM Manufacturing PMI report came in a bit weaker than expected (55.4 vs expectations of 57.6).

May 2022 Mortgage Rates In California – Average

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

  • The average 30-year fixed mortgage rate is 4.625%.
  • The average 20-year fixed mortgage rate is 4.25%
  • The average 15-year fixed rate is 4.00%.

This is an average of the May 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

May 16th – May 20th:

Mortgage-Backed Security UMBS 3.5 started the trading at the (pending) level and the UMBS 4.0 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 3.5 was at the (pending) level and the UMBS 4.0 coupon was nearing the (pending) level. The 10y Treasury yield was at the (pending) level.

May 16th – May 20th:

Mortgage-Backed Security UMBS 3.5 started the trading at the 97.28 level and the UMBS 4.0 coupon started at the 99.41 level. The 10y Treasury yield was at the 2.91% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 97.83 level and the UMBS 4.0 coupon was nearing the 99.84 level. The 10y Treasury yield was at the 2.81% level.

May 9th – May 13th:

Mortgage-Backed Security UMBS 3.5 started the trading at the 97.13 level and the UMBS 4.0 coupon started at the 99.31 level. The 10y Treasury yield was at the 2.89% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 97.20 level and the UMBS 4.0 coupon was nearing the 99.36 level. The 10y Treasury yield was at the 2.93% level.

May 2nd – May 6th:

Mortgage-Backed Security UMBS 3.5 started the trading at the 96.69 level and the UMBS 4.0 coupon started at the 99.28 level. The 10y Treasury yield was at the 2.91% level.

At the end of the week, Mortgage-Backed Security UMBS 3.5 was at the 96.45 level and the UMBS 4.0 coupon was nearing the 98.90 level. The 10y Treasury yield was at the 3.10% level.

You Can Also Follow Me On Twitter And Facebook

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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