November 2021 mortgage rates are starting off the month at similar levels seen in October. As we move into the holidays mortgage lenders will remain cautious about the direction of mortgage rates due to persistently high inflation.

Opportunities And Risks For November 2021

The opportunity for November 2021 mortgage rates to improve is smaller than the risk for November 2021 mortgage rates to move higher.

Generally speaking, markets are at a point where they are more likely to remain flat or move higher. Now that doesn’t mean mortgage rates definitely won’t move lower but with current market sentiment it’s unlikely.

The main reason is inflation. Unless that reverses course in a significant way most banks will go into the holidays being cautious because the worst thing for mortgage rates is high inflation.

If you are buying a home or refinancing a current mortgage it’s important to talk with your Loan Officer about current market rates and short term expectations for the market. Most of the time it’s best to lock in a term to avoid the risk of mortgage rates moving higher.

November 2021 Mortgage Rate Forecast For California

Here are our latest November 2021 mortgage rate forecasts for California:

30-year fixed rates below 2.875%
20-year fixed rates below 2.75%
15-year fixed rates below 2.25%

Our November 2021 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 November.

Mortgage Rate And Payment Chart

Here is a quick reference guide to November 2021 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	$265,000	2.625%	$1,029.93
30-year fixed	$365,000	2.625%	$1,418.58
30-year fixed	$465,000	2.625%	$1,807.23
30-year fixed	$565,000	2.625%	$2,195.89

20-Year Fixed-Rate Mortgage:

Term	Loan Amount	Mortgage Rate	Payment
20-year fixed	$265,000	2.375%	$1,388.16
20-year fixed	$365,000	2.375%	$1,912.00
20-year fixed	$465,000	2.375%	$2,435.83
20-year fixed	$565,000	2.375%	$2,959.66

15-Year Fixed-Rate Mortgage:

Term	Loan Amount	Mortgage Rate	Payment
15-year fixed	$265,000	1.875%	$1,690.09
15-year fixed	$365,000	1.875%	$2,327.86
15-year fixed	$465,000	1.875%	$2,965.63
15-year fixed	$565,000	1.875%	$3,603.39

Important Disclosure For November 2021 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 November 2021 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.

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.

2022 Conforming Loan Limits

Here is some good news for homeowners and homebuyers. The Federal Housing Finance Agency (FHFA) recently announced that the baseline 2022 Conforming Loan Limit for California is $647,200. More details to follow later in the month on our Conforming loan limits page.

High Balance Conforming loan limits should be announced later this month this month as well.

Update Mortgage Guidelines November 2021

There is nothing significant in terms of new mortgage guidelines as we enter the month of November.

Economic Calendar For November 2021

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:

ISM Manufacturing report
ADP Employment (sometimes comes out the day before the 1st of the month)
ISM Non-Manufacturing PMI
BLS Employment report

Tuesday – November 30th:

Chicago PMI: The Chicago PMI report came in at 61.8 (last month it was 68.4).

Wednesday – November 24th:

MBA Purchase Index: Last week it came in at 282.5 and this week it came in at 295.7.
MBA Refinance Index: Last week it came in at 2695.0 and this week it came in at 2706.2.
Unemployment Claims: This week’s Unemployment Claims report came in at 199,000 (the lowest in decades) and continuing claims came in at 2,049,000.
Core PCE Inflation: The Core PCE Inflation report came this month (4.1% vs 3.6%).

Monday – November 22nd:

Existing Home Sales: Last month the Existing Home Sales report came in at 6,290,000 units (annual rate) and this month it came in at 6,340,000 units (annual rate). There was no important to November 2021 mortgage rates.

Thursday – November 18th:

Unemployment Claims: This week’s Unemployment Claims report came in at 268,000 and continuing claims came in at 2,080,000.

Wednesday – November 17th:

MBA Purchase Index: Last week it came in at 278.4 and this week it came in at 282.5.
MBA Refinance Index: The MBA Refinance Index also declined; last week it came in at 2841.0 and this week it came in at 2695.0.
Housing Starts: The Housing Starts report came in slightly weaker than expected (1,520,000 units – annual rate).

Tuesday – November 16th:

Retail Sales: The Retail Sales report came in higher than expected. The market was expecting the number to come in at 1.4% however the report showed a 1.7% increase. November 2021 mortgage rates remained somewhat stable post report.

Friday – November 12th:

Consumer Sentiment: The Consumer Sentiment report came in at 66.8. Last month it was 71.7.

Wednesday – November 10th:

MBA Purchase Index: The MBA Purchase Index continues to decline. Last week it came in at 271.1 and this week it was 278.4.
MBA Refinance Index: The MBA Refinance Index also declined; last week it came in at 2645.0 and this week it came in at 2841.0.

Tuesday – November 9th:

Unemployment Claims: This week’s Unemployment Claims report came in at 267,000 and continuing claims came in at 2,160,000.

Producer Prices: After last month’s report showing a 0.5% increase, this month came in at a 0.6% increase.

Friday – November 5th:

Employment Report: Market expectations are for 450,000 jobs created. The report showed job growth at 531,000; average earnings increasing 0.4% and the average workweek hours came in at 34.7. Surprisingly, the bond market rallied post report and November 2021 mortgage rates improved.

Thursday – November 4th:

Unemployment Claims: This week’s Unemployment Claims report came in at 269,000 and continuing claims came in at 2,105,000.

Wednesday – November 3rd:

MBA Purchase Index: The MBA Purchase Index continues to decline. Last week it came in at 275.6 and this week it was 271.1.
MBA Refinance Index: The MBA Refinance Index also declined; last week it came in at 3037.6 and this week it came in at 2645.0.
ADP National Employment Report: The market anticipated the ADP Employment Report to come in at 400,000 jobs created however the report showed 571,000 jobs created. November 2021 mortgage rates were flat post report.

Tuesday – November 2nd:

ISM N-Manufacturing PMI: Expectations were for a reading of 59.5 and the final reading came in at 69.8.

Monday – November 1st:

ISM Manufacturing PMI: The market was expecting the ISM Manufacturing PMI report to come in at 60.5 however the report came in at 60.8. November 2021 mortgage rates were not impacted by this report.

Mortgage Rates And The Monthly Jobs Report

On Friday November 5th, 20201 the Bureau of Labor and Statistics will release the monthly jobs report. The market is expecting the report to show 450,000 jobs created and average earnings to come in at 0.4%

As usual if the report comes in much stronger than this there will most likely be a negative reaction in the bond market and November 2021 mortgage rates.

If the report comes in significantly lower then the bond market should improve and as well as mortgage rates.

November 2021 Mortgage Rates In California – Average

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

The average 30-year fixed mortgage rate is 2.875%.
The average 20-year fixed mortgage rate is 2.625%
The average 15-year fixed rate is 2.125%.

This is an average of the November 2021 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

November 22nd – November 30th:

Mortgage-Backed Security UMBS 2.0 started the week at the 99.55 level and the UMBS 2.5 coupon started at the 102.23 level. The 10y Treasury yield was at the 1.58% level to start the week.

At the end of the week, Mortgage-Backed Security UMBS 2.0 was at the 99.95 level and the UMBS 2.5 coupon was nearing the 102.34 level. The 10y Treasury yield was at 1.44%.

November 15th – November 19th:

Mortgage-Backed Security UMBS 2.0 started the week at the 99.73 level and the UMBS 2.5 coupon started at the 102.38 level. The 10y Treasury yield was at the 1.57% level to start the week.

At the end of the week, Mortgage-Backed Security UMBS 2.0 was at the 99.78 level and the UMBS 2.5 coupon was nearing the 102.41 level. The 10y Treasury yield was at 1.55%.

November 8th – November 12th:

Mortgage-Backed Security UMBS 2.0 started the week at the 100.55 level and the UMBS 2.5 coupon started at the 103.16 level. The 10y Treasury yield was at the 1.48% level to start the week.

At the end of the week, Mortgage-Backed Security UMBS 2.0 was at the (pending) level and the UMBS 2.5 coupon was nearing the 102.31 level. The 10y Treasury yield was at 1.57%.

November 1st – November 5th:

Mortgage-Backed Security UMBS 2.0 started the week at the 100.69 level and the UMBS 2.5 coupon started at the 103.31 level. The 10y Treasury yield was at the 1.57% level to start the week.

At the end of the week, Mortgage-Backed Security UMBS 2.0 was at the 100.69 level and the UMBS 2.5 coupon was nearing the 103.31 level. The 10y Treasury yield was at 1.45%.