It continues to be a volatile time for mortgage rates. The best advice for homeowners looking to lock in a rate in 2023 has been simple: lock your rate as soon as possible. That trend will most likely continue in October as mortgage rates continue to face numerous headwinds. Will it end at some point? Sure, but that “some point” could be next month or years from now.

October 2023 Mortgage Rate Forecast For California

Here are our latest October 2023 mortgage rate forecasts for California:

30-year fixed rates below 7.50%
20-year fixed rates below 7.375%
15-year fixed rates below 7.25%

Our October 2023 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 May.

Mortgage Rate And Payment Chart

Here is a quick reference guide to October 2023 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	$315,000	7.50%	$2,202.53
30-year fixed	$415,000	7.50%	$2,901.74
30-year fixed	$515,000	7.50%	$3,600.95
30-year fixed	$615,000	7.50%	$4,300.17

15-Year Fixed-Rate Mortgage

Term	Loan Amount	Mortgage Rate	Payment
15-year fixed	$315,000	7.25%	$2,148.86
15-year fixed	$415,000	7.25%	$2,831.03
15-year fixed	$515,000	7.25%	$3,513.21
15-year fixed	$615,000	7.25%	$4,195.38

Important disclosure: 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 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.

Mortgage-Backed Securities & Treasury Snapshot

October 1st – October 14th:

Mortgage-Backed Security UMBS 5.5 started trading at the 95.97 level, and the UMBS 6.0 coupon started at the 98.09 level. The 10y Treasury yield was at the 4.68% level.

At the end of the week, Mortgage-Backed Security UMBS 5.5 was at the 96.03 level, and the UMBS 6.0 coupon was nearing the 98.13 level. The 10y Treasury yield was at the 4.61% level.

October 15th – October 31st:

Mortgage-Backed Security UMBS 5.5 started trading at the 95.56 level, and the UMBS 6.0 coupon started at the 97.66 level. The 10y Treasury yield was at the 4.70% level.

At the end of the week, Mortgage-Backed Security UMBS 5.5 was at the (pending) level, and the UMBS 6.0 coupon was nearing the (pending) level. The 10y Treasury yield was at the (pending) level.