Just when everyone thought mortgage rates were going to move lower, they did the exact opposite in Ocotober. Inflation and the election were the main culprits. Trump started to move ahead in the polls, and his economic plan is far more inflationary then the Harris plan. In addition to that several important reports showed inflation ticking higher in October. That move is probably a bump in the road, but no one knows for sure which is why the market reacted the way it did.

So what will happen with November 2024 mortgage rates? Don’t be surprised to see a move higher, especially if Trump wins. And if Trump wins anticpate elevated mortgage rates due to tarrifs and deficit spending.

Check Today’s California Mortgage Rates

Opportunities And Risks For November 2024 Mortgage Rates

November 2024 mortgage rates are facing serious headwinds, the election and the potential for stronger economic data. Mortgage rates moved up quickly last month, and as we have seen in the past, the move can extend higher than anyone extended. Homebuyers and those refinancing a current mortgage should be very cautious and not take any chances with locking in a rate.

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

Here are our latest November 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 6.25%

K.O Home Solutions November 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, we believe there will be opportunities to lock a mortgage rate at or below these levels throughout November.

Mortgage Rate And Payment Chart

Here is a quick reference guide to November 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

Term	Loan Amount	Mortgage Rate	Payment
30-year fixed	$185,000	6.25%	$1,139.08
30-year fixed	$285,000	6.25%	$1,754.79
30-year fixed	$385,000	6.25%	$2,370.51
30-year fixed	$485,000	6.25%	$2,986.23

Important disclosure: The above is not a mortgage rate quote nor 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.

K.O. Home Loan Solution’s Mortgage Calculator

Using a mortgage calculator to determine your monthly payment is essential to 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).

Our California mortgage calculator is free and easy to use.

Our mortgage calculator is especially helpful for those wanting to include their property taxes and 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 November 2024

Here, we cover the daily economic events that might impact November 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:

ISM Manufacturing report
ADP Employment
ISM Non-Manufacturing PMI
BLS Employment report

Thursday – November 14th

Unemployment Claims: Weekly unemployment claims came in at (pending), and continued claims came in at (pending).
Core Producer Prices: (pending)

Wednesday – November 13th

Core CPI: (pending)
MBA Purchase Index: The MBA Purchase Index came in at (pending).
MBA Refinance Index: The MBA Refinance Index came in at (pending).

Thursday – November 7th

Unemployment Claims: The Unemployment Claims report came in at 221,000 and the continued claims report came in at 1,892,000.

Wednesday – November 6th

MBA Purchase Index: The MBA Purchase Index came in at 130.8.
MBA Refinance Index: The MBA Refinance Index came in at 513.5.

Friday – November 1st

BLS Employment: Its the begining of the month and that means it’s time for closely watched BLS Employment report. The monthly report came in way below exceptions. The market was expecting 113,000 jobs created and the report showed only 12,000 jobs created. November 2024 mortgage rates remained stable post report.
ISM Manufacturing Prices Paid: The market was expecting the report to come in at 48.5 however it came in much higher (54.8). Not a good report for mortgage rates.

Mortgage-Backed Securities & Treasury Snapshot

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

November 1st – November 15th:

Mortgage-Backed Security UMBS 4.5 started trading at the 94.61 level, and the UMBS 5.0 coupon started at the 98.86 level. The 10y Treasury yield was at the 4.38% level.

At the end of the two-week period, 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.

November 16th – November 30th:

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.