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October 2022 Mortgage Rates

October 2022 mortgage rates are under a significant amount of pressure to move higher however there is a case for mortgage rates to move lower. The mortgage industry and real estate industry have dramatically slowed in recent months and there is ample evidence that the housing market is cooling and by some estimates facing a significant slowdown.

At this point, higher October 2022 mortgage rates would most likely do more harm than good (over the long term). That being said, no one can accurately predicate the day-to-day movement of mortgage rates so as we’ve always said, if a rate/term makes sense do not hesitate to lock that rate/term in.

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Opportunities And Risks For October 2022 Mortgage Rates

October 2022 mortgage rates could go higher or could go lower – it’s really difficult to say which direction they will go in as we move into the final quarter of 2022 

The Fed has been clear over the last month, they want higher rates. However, many people are starting to believe the Fed might do significant damage to the economy and to avoid that will have to slow down or stop raising rates. 

If this happened it would be very beneficial for October 2022 mortgage rates however that is a big “if”. If the early data (ie ISM, Employment, and CPI) show weakness the call for the Fed to slow down will start to get much louder.

October 2022 Mortgage Rate Forecast For California

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

  • 30-year fixed rates below 5.375%
  • 20-year fixed rates below 5.25%
  • 15-year fixed rates below 4.875%

Our October 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 August.

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Mortgage Rate And Payment Chart

Here is a quick reference guide to October 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$255,0004.875%$1,349.48
30-year fixed$355,0004.875%$1,878.69
30-year fixed$455,0004.875%$2,407.90
30-year fixed$555,0004.875%$2,937.11

20-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
20-year fixed$255,0004.625%$1,630.51
20-year fixed$355,0004.625%$2,269.93
20-year fixed$455,0004.625%$2,909.35
20-year fixed$555,0004.625%$3,548.76

15-Year Fixed-Rate Mortgage:

TermLoan AmountMortgage RatePayment
15-year fixed$255,0004.00%$1,886.20
15-year fixed$355,0004.00%$2,625.89
15-year fixed$455,0004.00%$3,365.58
15-year fixed$555,0004.00%$4,105.27

Important Disclosure For October 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 October 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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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 October 2022

There are no significant changes to guidelines this month.

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.

Economic Calendar For October 2022

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

Monday – October 31st:

  • Chicago PMI: The market was expecting the Chicago PMI report to come in at 45.7 and it came in at 45.2.

Friday – October 28th:

  • Core PCE: The market was expecting Core PCE to come in at 5.2% however the report came in at 5.1%.

Thursday – October 27th:

  • Unemployment Claims: Weekly unemployment claims came in at 217,000 and continued claims came in at 1,438,000.

Wednesday – October 26th:

  • MBA Purchase Index: The MBA Purchase Index came in at 160.4.
  • MBA Refinance Index: The MBA Refinance Index came in at 394.7.

Monday – October 24th:

  • Markit Composite PMI: Last month Market Composite PMI came in at 49.5 and this month it came in at 47.3. Mortgage rates were moderately impacted post-report.

Thursday – October 20th:

  • Philly Fed Index: The market was expecting the Philly Fed Index to come in at -5.0 and it came in at -8.7.
  • Unemployment Claims: Weekly unemployment claims came in at 214,000 and continued claims came in at 1,385,000.
  • Leading Economic Indicator: The Leading Economic Indicator came in -0.4%, and is something to keep an eye on. October 2022 mortgage rates were worse post report.

Wednesday – October 19th:

  • MBA Purchase Index: The MBA Purchase Index came in at 164.2.
  • MBA Refinance Index: The MBA Refinance Index came in at 394.6.

Friday – October 14th:

  • Retail Sales: The monthly Retail Sales report came in at 0.0% and the market was expecting a 0.2% rise. October 2022 mortgage rates remained flat post report.
  • Consumer Sentiment: Last month the Consumer Sentiment report came in at 58.6 and this month it came in at 59.8.

Thursday – October 13th:

  • Core CPI: The market was expecting Core CPI to come in at 6.5% and it came in at 6.6% (y/y).
  • Unemployment Claims: Weekly unemployment claims came in at 228,000 and continued claims came in at 1,368,000.

Wednesday – October 12th:

  • MBA Purchase Index: The MBA Purchase Index came in at 170.5.
  • MBA Refinance Index: The MBA Refinance Index came in at 423.2.

Friday – October 7th:

  • Employment Report: The market was expecting an increase of 250,000 jobs (last month it was 315,000) and the report came in at 263,000 jobs that were created last month. The Unemployment rate moved to 3.5%. October 2022 mortgage rates were slightly worse to stable post-report.

Thursday – October 6th:

  • Unemployment Claims: Weekly unemployment claims came in at 219,000 and continued claims came in at 1,361,000.

Wednesday – October 5th:

  • MBA Purchase Index: The MBA Purchase Index came in at 174.1.
  • MBA Refinance Index: The MBA Refinance Index came in at 430.9.
  • ISM Non-Manufacturing PMI: The market was expecting the ISM Non-Manufacturing PMI to come in at 56.0 and the final report came in at 56.7.

Monday – October 3rd:

  • ISM Manufacturing PMI: Last month the ISM Manufacturing PMI report came in at 52.8, and this month it came in at 50.9. October 2022 mortgage rates responded positively to the report.

October 2022 Mortgage Rates In California – Average

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

  • The average 30-year fixed mortgage rate is 5.375%.
  • The average 20-year fixed mortgage rate is 5.125%
  • The average 15-year fixed rate is 4.50%.

This is an average of the October 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

October 24th – October 31st:

Mortgage-Backed Security UMBS 5.0 started trading at the 95.34 level and the UMBS 5.5 coupon started at the 97.77 level. The 10y Treasury yield was at the 4.24% level.

At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 96.86 level and the UMBS 5.5 coupon was nearing the 98.93 level. The 10y Treasury yield was at the 4.05% level.

October 17th – October 21st:

Mortgage-Backed Security UMBS 5.0 started trading at the 96.36 level and the UMBS 5.5 coupon started at the 98.39 level. The 10y Treasury yield was at the 4.017%level.

At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 95.44 level and the UMBS 5.5 coupon was nearing the 97.83 level. The 10y Treasury yield was at the 4.208% level.

October 11th – October 14th:

Mortgage-Backed Security UMBS 5.0 started trading at the 96.70 level and the UMBS 5.5 coupon started at the 98.84 level. The 10y Treasury yield was at the 3.95% level.

At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 96.16 level and the UMBS 5.5 coupon was nearing the 98.27 level. The 10y Treasury yield was at the 4.02% level.

October 3rd – October 7th:

Mortgage-Backed Security UMBS 5.0 started trading at the 97.75 level and the UMBS 5.5 coupon started at the 99.68 level. The 10y Treasury yield was at the 3.70% level.

At the end of the week, Mortgage-Backed Security UMBS 5.0 was at the 97.22 level and the UMBS 5.5 coupon was nearing the 99.38 level. The 10y Treasury yield was at the 3.88% level.

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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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