The Fed finally did it, they lowered rates! Well that’s only partially true. What they did is lower the Fed funds rate, mortgage rates have been in a tight range that started just before the Fed meeting. Most people believe that when the Fed lowers, mortgage rates go lower and that simply is not the case (most of the time).
Why? Because the market usually anticipates what the Fed is going to do before they meet.
Opportunities And Risks For October 2024 Mortgage Rates
The opportunity for mortgage rates to move lower this month is going to be dependent on market participants and their views on long term inflation trends. Right now, mortgage rates are basically flat since the Fed meeting. Unless the data comes in much weaker than expected, October 2024 mortgage rates should remain flat heading into the final two months of 2024.
K.O. Home Loan Solutions October 2024 Mortgage Rate Forecast
Here are our latest October 2024 mortgage rate forecasts for California:
- 30-year fixed rates below 6.125%
- 20-year fixed rates below 6.00%
- 15-year fixed rates below 5.75%
K.O Home Solutions October 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 October.
Mortgage Rate And Payment Chart
Here is a quick reference guide to October 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 | $170,000 | 5.75% | $992.07 |
| 30-year fixed | $270,000 | 5.75% | $1,575.65 |
| 30-year fixed | $370,000 | 5.75% | $2,159.22 |
| 30-year fixed | $470,000 | 5.75% | $2,742.79 |
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 October 2024
Here, we cover the daily economic events that might impact October 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 – October 11th
- Unemployment Claims: Weekly unemployment claims came in at (pending), and continued claims came in at (pending).
- Core Producer Prices: (pending)
- Core CPI: (pending)
Wednesday – October 9th
- MBA Purchase Index: The MBA Purchase Index came in at (pending).
- MBA Refinance Index: The MBA Refinance Index came in at (pending).
Friday – October 4th
- Employment Report: (pending).
Thursday – October 3rd
- Unemployment Claims: (pending)
- Challenger Layoffs: (pending)
Wednesday – October 2nd
- MBA Purchase Index: The MBA Purchase Index came in at (pending).
- MBA Refinance Index: The MBA Refinance Index came in at (pending).
- ADP Employment: (pending)
Tuesday – October 1st
- JOLTS: The monthly JOLTS report came in higher than expected; 7.65m vs 8.04m. October 2024 mortgage rates were flat post report.
- ISM Manufacturing Prices Paid: The market was expecting the report to come in at 53.3.
Mortgage-Backed Securities & Treasury Snapshot
Here are the two-week opening and closing levels of Mortgage-Backed Securities and the 10-year Treasury Yield.
October 1st – October 15th:
Mortgage-Backed Security UMBS 4.5 started trading at the 98.58 level, and the UMBS 5.0 coupon started at the 100.08 level. The 10y Treasury yield was at the 3.73% 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.
October 16th – October 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.
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.
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