November 2022 mortgage rates are under pressure as the market is focused on inflation and what the Fed says/does. Mortgage rates have been moving higher since the summer, but we are starting to see signs that the economy is slowing, inflation is cooling, and mortgage rates are seeing the light at the end of the tunnel.
Granted, it might be a very small speck of light, but for the first time in months, we are seeing one (when it comes to mortgage rates). This could all change without notice though, so keep expectations low for the foreseeable future.
Opportunities And Risks For November 2022
Like previous months, November 2022 mortgage rates are at risk to move significantly higher however, the case can be made that we are seeing a “topping out” of mortgage rates as we move into the final months of 2022.
November 2022 mortgage rates will be heavily impacted by the Fed meeting the first week of the month, and a few early data points (mainly CPI, which is the second week of the month).
The risk for mortgage rates is and will continue to be inflation. Even if reports show inflation easing, we may still continue to see elevated rates due to market fears that any decrease in inflation might be a short-term phenomenon.
As always, lock in your rate if it makes sense!
Updated Conforming Loan Limits In California 2023
In less than two months, the Federal Finance Housing Agency (FFHA) will update the conforming loan limits for California and the rest of the country. Some are estimating that the 2023 conforming loan limit in California will be as high as $750,000.
November 2022 Mortgage Rate Forecast For California
Here are our latest November 2022 mortgage rate forecasts for California:
- 30-year fixed rates below 5.875%
- 20-year fixed rates below 5.75%
- 15-year fixed rates below 5.25%
Our November 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 November.
Mortgage Rate And Payment Chart
Here is a quick reference guide to November 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:
| Term | Loan Amount | Mortgage Rate | Payment |
| 30-year fixed | $280,000 | 5.50% | $1,589.81 |
| 30-year fixed | $380,000 | 5.50% | $2,157.60 |
| 30-year fixed | $480,000 | 5.50% | $2,725.39 |
| 30-year fixed | $580,000 | 5.50% | $3,293.18 |
20-Year Fixed-Rate Mortgage:
| Term | Loan Amount | Mortgage Rate | Payment |
| 20-year fixed | $280,000 | 5.375% | $1,906.37 |
| 20-year fixed | $380,000 | 5.375% | $2,587.22 |
| 20-year fixed | $480,000 | 5.375% | $3,268.06 |
| 20-year fixed | $580,000 | 5.375% | $3,948.91 |
15-Year Fixed-Rate Mortgage:
| Term | Loan Amount | Mortgage Rate | Payment |
| 15-year fixed | $280,000 | 5.00% | $2,214.22 |
| 15-year fixed | $380,000 | 5.00% | $3,005.02 |
| 15-year fixed | $480,000 | 5.00% | $3,795.81 |
| 15-year fixed | $580,000 | 5.00% | $4,586.60 |
Important Disclosure For November 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 November 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.
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 November 2022
There are no significant changes to guidelines this month.
Economic Calendar For November 2022
Here we cover the daily economic events that might impact November 2022 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 the following reports:
- ISM Manufacturing report
- ADP Employment
- ISM Non-Manufacturing PMI
- BLS Employment report
Wednesday – November 30th:
- MBA Purchase Index: The MBA Purchase Index came in at 181.7.
- MBA Refinance Index: The MBA Refinance Index came in at 325.5.
- ADP Employment Report: The ADP Employment report was positive for November 2022 mortgage rates. The market was expecting 200,000 jobs created however, the report came in at 127,000 jobs created.
Wednesday – November 23rd:
- MBA Purchase Index: The MBA Purchase Index came in at 174.4.
- MBA Refinance Index: The MBA Refinance Index came in at 373.6.
- Markit Composite PMI: The Markit Composite PMI report came in at 46.3, which was lower than expected. November 2022 mortgage rates remained on a downward trend post-report.
- Unemployment Claims: Weekly unemployment claims came in at 240,000, and continued claims came in at 1,551,000.
- Consumer Sentiment: The Consumer Sentiment report was stronger than anticipated (56.8 vs 55.0).
Thursday – November 19th:
- Philly Fed Business Index: A huge drop in the Philly Fed Business Index; last month it was -8.7% and this month it was -19.4%.
- Unemployment Claims: Weekly unemployment claims came in at 222,000, and continued claims came in at 1,507,000.
Wednesday – November 18th:
- MBA Purchase Index: The MBA Purchase Index came in at 169.7.
- MBA Refinance Index: The MBA Refinance Index came in at 367.1.
- Retail Sales: Last month, the Retail Sales report came in at 0.0%, and this month it came in at 1.3%. November 2022 mortgage rates were unchanged post-report.
Tuesday – November 15th:
- Core Producer Prices: The Core Producer Prices report came in at 6.7% (y/y) and 0.0% m/m.
Thursday – November 10th:
- CORE CPI: The market was expecting y/y CORE CPI to come in at 6.5% and m/m CORE CPI to come in at 0.5%; however, the readings came in much lower than that. Y/Y came in at 6.3%, and m/m came in at 0.3%. Post report, the bond market rallied, and November 2022 mortgage rates moved lower.
- Unemployment Claims: Weekly unemployment claims came in at 225,000, and continued claims came in at 1,493,000.
Wednesday – November 9th:
- MBA Purchase Index: The MBA Purchase Index came in at 162.5.
- MBA Refinance Index: The MBA Refinance Index came in at 373.1.
Friday – November 4th:
- Employment Report: The market was expecting an increase of 200,000, and the report came in at 261,000 jobs that were created last month. The Unemployment rate moved to 3.70%. November 2022 mortgage rates remained at similar levels to Thursday.
Thursday – November 3rd:
- Unemployment Claims: Weekly unemployment claims came in at 217,000, and continued claims came in at 1,485,000.
- ISM Non-Manufacturing PMI: The market was expecting the ISM Non-Manufacturing PMI to come in at 55.5, and the final report came in at 54.4.
Wednesday – November 2nd:
- MBA Purchase Index: The MBA Purchase Index came in at 160.5.
- MBA Refinance Index: The MBA Refinance Index came in at 386.7.
- Fed Meeting: As expected, the Fed hiked 0.75%. The initial response from bond markets was positive, then Fed Chairman Powell started his press conference, and everything started to sell off. November 2022 mortgage rates were impacted negatively but still were better than the previous week.
Tuesday – November 1st:
- ISM Manufacturing PMI: Last month, the ISM Manufacturing PMI report came in at 50.9, and this month it came in at 50.2. An interesting component of ISM, prices paid were expected to come in at 52.5 however, the report came in at 46.6. November 2022 mortgage rates were flat post-report.
- JOLTS Report: The JOLTS report showed 10,717,000 job openings in September (a bump up from the August report).
November 2022 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 6.25%.
- The average 20-year fixed mortgage rate is 6.00%
- The average 15-year fixed rate is 5.50%.
This is an average of the November 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
November 1st – November 4th:
Mortgage-Backed Security UMBS 5.0 started trading at the 96.84 level, and the UMBS 5.5 coupon started at the 99.02 level. The 10y Treasury yield was at the 3.98% level.
At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 96.19 level, and the UMBS 5.5 coupon was nearing the 98.39 level. The 10y Treasury yield was at the 4.17% level.
November 7th – November 11th:
Mortgage-Backed Security UMBS 5.0 started trading at the 96.19 level, and the UMBS 5.5 coupon started at the 98.33 level. The 10y Treasury yield was at the 4.21% level.
At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 98.81 level, and the UMBS 5.5 coupon was nearing the 100.66 level. The 10y Treasury yield was at the 3.81% level.
November 14th – November 18th:
Mortgage-Backed Security UMBS 5.0 started trading at the 98.44 level, and the UMBS 5.5 coupon started at the 100.30 level. The 10y Treasury yield was at the 3.85% level.
At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 98.73 level, and the UMBS 5.5 coupon was nearing the 100.45 level. The 10y Treasury yield was at the 3.83% level.
November 21st – November 25th:
Mortgage-Backed Security UMBS 5.0 started trading at the 98.56 level, and the UMBS 5.5 coupon started at the 100.22 level. The 10y Treasury yield was at the (pending) level.
At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 99.30 level, and the UMBS 5.5 coupon was nearing the 100.84 level. The 10y Treasury yield was at the 3.69% level.
November 28th – November 30th:
Mortgage-Backed Security UMBS 5.0 started trading at the 99.16 level, and the UMBS 5.5 coupon started at the 100.75 level. The 10y Treasury yield was at the (pending) level.
At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 99.86 level, and the UMBS 5.5 coupon was nearing the 101.34 level. The 10y Treasury yield was at the 3.60% level.
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