Primary Mortgage Market Survey®

U.S. weekly averages as of 09/22/2022

The 30-year Fixed-Rate Mortgage Increased by a Quarter of a Percent this Week

September 22, 2022

The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011. Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.


Today’s Mortgage Rates & Trends

Mortgage rates jumped for a third consecutive day Tuesday, with the 30-year average adding more than a quarter of a point since Thursday to surpass 6.65%, and notching yet another new 14-year high.

National Averages of Lenders’ Best Rates
Loan Type Purchase Refinance
30-Year Fixed 6.66% 6.92%
FHA 30-Year Fixed 6.67% 6.75%
Jumbo 30-Year Fixed 5.64% 5.65%
15-Year Fixed

National averages of the lowest rates offered by more than 200 of the country’s top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700–760, and no mortgage points.

Today’s National Mortgage Rate Averages

Rates on 30-year mortgages extended their pattern of the last three days, adding yet another nine basis points Tuesday to raise the already elevated flagship average to 6.66%. It has now moved up almost half a percentage point over the past eight days, and is once again sitting at its most expensive level since October 2008.

Fifteen-year rates climbed, even more, Tuesday, tacking on 11 basis points. Now at 5.92%, the 15-year average has again risen to a new 14-year high as well.

Jumbo 30-year rates meanwhile held steady for a second day Tuesday, but that was after spiking an eighth of a percentage point Friday. The current average of 5.64% is the highest level seen since February 2011.


Expert mortgage rate predictions for October

Selma Hepp, deputy chief economist at Corelogic
Prediction: Rates will fall

“The recent spike in mortgage rates was another reaction to continually strong inflation readings and the expected “large” 75 basis point hike at the September meeting. Nevertheless, after the meeting and into October, we are likely to see mortgage rates return to the 5.5% average as lenders contend with dwindling home buyer demand.”

Odeta Kushi, deputy chief economist at First American
Prediction: Rates will moderate

“Mortgage rates will likely remain elevated in October but fluctuate on a week-to-week basis. Mortgage rates have steadily increased in recent weeks as financial markets speculated whether or not the Federal Reserve would continue with its aggressive policy to cool inflation.

The August Core Consumer Price Index (CPI) (excluding food and energy) strengthened the case for a more hawkish Fed, as core CPI came in double the expected pace at 0.6%. In response, U.S. Treasury yields increased and mortgage rates were alongside them. The surprise to the upside all but guarantees continued aggressive action from the Fed, likely putting more upward pressure on mortgage rates, but at a slower pace, as the Fed’s future tightening is already baked into mortgage rates.”

Taylor Marr, Deputy Chief Economist at Redfin
Prediction: Rates will moderate

“Interest rate movement is very uncertain at this time. Rates will likely have some drops and increases again, depending on the economic data. I could anticipate that a bad data release following a more aggressive path of rates from the Fed would result in renewed recession fears, pulling rates down.”


Ralene Nelson, REALTOR®

JUST LISTED – 245 Harvest Hills Ln, Rio Vista
2 bed/2 bath/2440 sq ft

$675,000 – This home is exquisite, with a fabulous lake view Don’t miss this opportunity to own this home and enjoy this relaxing environment. Two bedroom w/2.5 baths, & bonus room. A chef’s kitchen w/5 burner gas cooktop, convection oven & microwave, entertainment bar w/wine refrigerator, bottle & stemware storage/sink, as well as, quartz counters, glass tile backsplash, stained beech cabinetry, reverse osmosis at kitchen sink, refrigerator water/ice maker. Custom cabinets in laundry/office, sink & stackable washer/dry. The great room has media cabinetry & Bose home theater package & view of the lake. Master bedroom w/bay window has built-in vanity & 2 dressers between master bedroom closets. 5 crown molding in entry, great room, formal dining & master bedroom & 3.5 plantation shutters throughout home. Extended patio w/custom cover & remote controlled shade & built-in gas BBQ. Fenced backyard w/gate to walking path. Tandem garage w/epoxy floor w/overhead & custom garage storage racks/cabinets. READ MORE

 JUST SOLD – 281 Harvest Hills Ln, Rio Vista

What a view & the landscaping is breathtaking!! This Soraya model overlooks a large pond with a fountain and provides such a relaxing environment. The entire lot is landscaped with either stamped concrete/pavers & with drought-resistant landscaping. Full-length patio w/all weather cover over spa & slider from kitchen accesses side patio w/cover. This home shows pride of ownership! Tile floors & blinds throughout, quartz counters in kitchen & baths. A larger tub was installed in the main bath. The kitchen has cream cabinets with pull-out drawers, 2 lazy susans & under counter lights. The Master bedroom has a sliding door to the patio & spa and both bedrooms have crown molding. The seller has installed Tesla batteries, so if the power goes out, the batteries take over instantly. Home has prepaid solar with 14 yrs remaining. Water softener & extra storage ceiling racks in garage. Just bring your furniture and enjoy all the amenities that Trilogy has to offer you. READ MORE

OPEN HOUSE – Sunday 1:30 – 3:30pm
FOR SALE – 1009 Diamante Dr. Rio Vista
2 bed/2 bath/1439st

$475,000 – From curb appeal to beautiful upgrades, this Pebble Beach model is move-in ready. From white cabinets, granite kitchen with stainless appliances, to wood flooring to plantation shutters, this home is exceptional. 2 Bedrooms & 2 baths have carpet in bedrooms & double doors in the den, making this home very cozy. Upgraded landscaping to drought resistance and a patio with cover. Bring your furniture and join the numerous activities available & take advantage of the amenities your HOA fees include, tennis, bocce, billiards, 2 pools/spas, gym, and more.READ MORE

OPEN HOUSE – Saturday 12:00am – 3:00 pm 
FOR SALE – 147 Gardiner Way, Rio Vista

PRICE CHANGE $525,000 – Custom Craftsman Cottage, w/detached carport, 70 ft driveway, workshop & studio on a shy 1/4 acre lot. 3 bedroom, possibly 4, with 2 baths, painted in vibrant colors. Laminate floors & white blinds brings out the artsy homeowner. Kitchen has painted cabinets & bead board walls/backsplash, Corian counters with added cabinetry. Main bath has a stall tile shower & separate tub, quartz counters with white cabinets. 2 bedrooms have built-in cabinets & new laminate floors/fans. The family room can be the 4th bedroom/bath also has a tiled shower. FM also has a wood burning stove w/built-ins. Sunroom can be a great entertaining spot along with the large patio that has room for a built in kitchen/BBQ. The workshop has wall air conditioner, dark room with grey water sink. The She craft/studio room can be utilized for crafting or potting area. Homeowner has built numerous planter boxes for the gardener. YES, room for your RV/toys, carport with garage door. Don’t pass up this home!! READ MORE

FOR SALE – 1536 Michigan St. Fairfield
3 bed/2 bath/1,260sqft/4,792sqft lot

$495,500 – This is a great starter or retirement home, close to shopping, Hwy 80 & Amtrack & perfect home for a commuter. This 3 bedroom & 2 bath home has new interior paint, carpets, laminate flooring, light fixtures, dual pane windows, tankless water heater & newer roof & air condenser. Master bath has new vanity & flooring. Kitchen has new flooring, appliances, stainless sink, painted cabinets, & resurfaced counter tops. Home has a large family room, perfect for entertaining. Patio is the length of home. Although 1 car garage, home has carport for at least 2 cars & RV parking on side. Larger lot & drought resistant front yard & shed. Just bring your furniture, home is move in ready. READ MORE

FOR SALE – 309 Delta Blvd. Rio Vista, 6,970sqft lot

Perfect lot to build your next home on the Delta. Utilities have not been hooked up, so call City of Isleton for costs, permits & Building codes. Then enjoy the Sacramento River activities, such as fishing, boating & more. READ MORE

FOR SALE – 181 Cedar Ridge Dr. Rio Vista
2 bed/2 bath/1,433sqft

$540,000 – Look no further!! This Clipper model is like a new home, completely renovated, from new sheet rock to all new cabinets throughout, new baths, laminate flooring, quartz counters, appliances, and new interior & exterior paint. Located on the 11th fairway, bring some patio furniture & enjoy the scenery. This model provides a living room/dining room & a nook/great room. Trilogy provides so many amenities, including 2 swimming pools/spas, bocce courts, billiards, tennis courts, pickleball, gym & more. READ MORE

FOR SALE – 404 Riverwood Ln. Rio Vista, 2bd/2bth/1391sf

$450,000 – Big Sur model & no rear neighbors!! Located in the Active Adult Community, Trilogy. Relax in this lovely backyard & watch the wild life. 2 bedrooms/2 full baths and den with double doors. Both master bedroom and den have bay windows that provides a more open feeling. Master bath has walk in shower & closet, double sinks, white tile counters, Dark kitchen cabinets, Corian counters w/tile backsplash, black appliances & tile floor. Stove is electric, however, is plumbed for natural gas. The dining area overlooks the backyard. Patio with all weather cover, great for BBQ in the rain. Garage has storage cabinets. Just bring your furniture and enjoy the activities, tennis, bocce, new gym, 2 pools & spas. READ MORE

FOR SALE – 731 Turnberry Ter Rio Vista
2 bed/2 bath/1410 sq ft

$434,900 – NO BONDS-Spinnaker mod1:30el with private backyard. This 2 bedroom, 2 bath home feels like a very relaxing cottage for a retirement home. The patio provides a quiet place for morning coffee & afternoon beverage. Den has built-in book/curio shelves & bay window. The Master bedroom has a bay window, which creates room for a sitting area. New hot water heater. Enjoy amenities such as golf, tennis, bocce, pools/spas & a new gym, and more.  READ MORE

Events in Northern California this Week-End

Super Custom Car Show & Taco Competition

Sat, Sep 24, 11 AM – 5 PM

Contra Costa County Event Center, 1201 W 10th St. Antioch, CA


Country in the Park – Billy Currington, Russell Dickerson, Jessie James Decker.
Sat, Sep 24, 1 PM

Heart Health Park, 1600 Exposition Blvd, Sacramento, CA

Enjoy a night of country fun for an affordable price so that you can bring the entire family. Dance to performances outside under the stars from Billy Currington, Russell Dickerson, Jessie James Decker, Gavin DeGraw, and Kassi Ashton!

Enjoy line dancing lessons, axe throwing, a mechanical bull, plus food offerings from over a dozen of Sacramento’s best food trucks, including barbecue, pizza, Mexican food, wraps, burgers, corn dogs, tri tip, gyros, kettle corn, snow cones, and ice cream! Beer, wine, margaritas, and cocktails for adults 21 and older. Bars are cashless and require a debit or credit card for purchases. READ MORE

Oktoberfest Midtown Sacramento
Sat, Sep 24, 3 – 9 PM
Der Biergarten, 2332 K St, Sacramento, CA

Der Biergarten will once again take over the block of 24th and K Street in Midtown Sacramento to present our Oktoberfest Street Party.

Limited Capacity
***Tickets WILL NOT be available at the door on day of event***
Der Biergarten will once again take over the block of 24th and K Street in Midtown Sacramento on 9/24/2022 to host our Annual Oktoberfest Street Party.
The takeover of 24th & K St in Midtown Sacramento by Der Biergarten will happen again on the last Saturday of September. 9/24/2021.
The event starts at 3:00pm and will end at 9pm with live music featuring the German band The Alpenmeisters. DJ Eddie Z will be in the mix along with our MC Tommy G.
Plan on German Beer, German Entertainment , Food, and Games to win prizes.
The event is $10 (till 9/1/22) per person this year in advance and $15 after that date till sold out or day of event, as no tickets will be available at the door. You have the option to get drink tickets in advance here to save waiting in line time to purchase them. Also, you can use your CC as there is only cash at event.
Please note: This is a cash only event and is for the 21 and over only .
YOU CAN’T use your CC at event!

Central Valley Rocks Music Festival in Lodi
Sat, Sep 24, 6 PM – Sun, Sep 25, 4 AM
927 Industrial Way, Lodi, CA

Central Valley Rocks Music Festival
High Water Brewing Music Festival – 9 Bands from 11 am until 9 pm.

Headliner “Corduroy” The Pearl Jam Experience.

Enjoy a full day of music, food and craft beer at High Water Brewing Taproom.

Our new stage will be in full swing in the back lot. READ MORE

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