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Written by Jeff Ostrowski
Edited by Suzanne De Vita
Edited by Suzanne De Vita
On Wednesday, December 20, 2023, the national average 30-year fixed mortgage APR is 7.10%. The national average 30-year fixed refinance APR is 7.18%, according... to Bankrate's latest survey of the nation's largest mortgage lenders.
On this page
- Current mortgage interest rates in California
- Mortgage statistics for California
- Mortgage options in California
- First-time homebuyer programs in California
- How to find the best mortgage rate in California for you
- Compare mortgage lenders side by side
- Additional California mortgage resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
The Bankrate Promise
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Current mortgage interest rates in California
- Mortgage statistics for California
- Mortgage options in California
- First-time homebuyer programs in California
- How to find the best mortgage rate in California for you
- Compare mortgage lenders side by side
- Additional California mortgage resources
Current mortgage interest rates in California
As of Wednesday, December 20, 2023, current interest rates in California are 7.05% for a 30-year fixed mortgage and 6.30% for a 15-year fixedmortgage.
Elevated mortgage rates continue to make housing affordability a challenge for California homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.
California mortgage rate trends
Mortgage rates hit record lows in 2021, but they have risen sharply since then. As of September 2023, mortgage rates nationally and in California were at their highest levels since 2000, according to Bankrate’s national survey of lenders.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.08% | 7.10% |
| 15-Year Fixed Rate | 6.43% | 6.46% |
| 5-1 ARM | 6.48% | 7.77% |
| 30-Year Fixed Rate FHA | 5.94% | 6.83% |
| 30-Year Fixed Rate VA | 6.15% | 6.26% |
| 30-Year Fixed Rate Jumbo | 7.14% | 7.15% |
Rates as of Wednesday, December 20, 2023 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.17% | 7.18% |
| 15-Year Fixed Rate | 6.34% | 6.37% |
| 5-1 ARM | 6.37% | 7.58% |
| 30-Year Fixed Rate FHA | 6.02% | 6.93% |
| 30-Year Fixed Rate VA | 6.18% | 6.37% |
| 30-Year Fixed Rate Jumbo | 7.23% | 7.23% |
Rates as of Wednesday, December 20, 2023 at 6:30 AM
Mortgage statistics for California
With beaches, mountains and a vibrant economy, California is home to some of the nation’s most expensive housing markets. Affordability is a real challenge here, but over the decades, California homeowners have been rewarded with outsized appreciation. Here are some statistics about mortgages and the housing market in The Golden State:
- Average home value (as of Sept. 2023): $744,280 (Zillow)
- Homeownership rate (as of Dec. 2022): 55.3% (U.S. Census Bureau)
- Average mortgage loan size in 2022: $612,010 (Home Mortgage Disclosure Act)
Mortgage options in California
There are plenty of mortgage options in California. The most common types of loans include:
- California conventional mortgages: Rates and requirements will vary depending on the area you want to live in and your financial situation. You can compare mortgage ratesto find the option that’s right for you.
- CalHFA: The California Housing Finance Agency (CalHFA) offers state residents access to mortgages, as well as smaller loans designed to help with down payment or closing costs. To get started, borrowers can contact a CalHFA-approved lender orpreferred loan officer.
- California FHA loans: Home loans backed by the Federal Housing Administration (FHA) are offered throughout the U.S. While the FHA doesn’t offer loans directly, you can find one through an FHA-approved lender in California. They are offered to first-time homebuyers, defined as those that have not purchased a home in the past two years, as well as repeat buyers.FHA loansare generally designed for low- to moderate-income borrowers with lower credit scores.
- California VA loans: Guaranteed by the Department of Veterans Affairs, VA loansare offered to eligible veterans and active-duty service members. While the VA doesn’t offer loans directly, you can find one through a VA-approved lender in California. They require no down payment and typically have lower interest rates than conventional mortgages.
First-time homebuyer programs in California
Buying a house in California is a pricey proposition, but first-time homebuyers might qualify for grants or other forms of help. Learn more about California first-time homebuyer programs:
- CalHFA down payment assistance programs: Low- to moderate-income borrowers can apply for smalldown payment and closing costs assistance loansthrough CalHFA. One option is the MyHome Assistance program, which allows you to borrow a deferred loan worth up to 3.5 percent of the purchase price or appraised value to help you cover closing costs and the down payment.
- CalHFA and CalPLUS Conventional Loan Programs: With theCalHFA Conventional Loan Program, you can get a 30-year fixed-rate mortgage on the conventional market. This means you’ll have access to competitively low interest rates, but you’ll also need to meet qualification requirements. TheCalPLUS Conventional Loan Programis similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs.
How to find the best mortgage rate in California for you
- Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
- Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
- Step 3: Know your mortgage options - There are a few different types of mortgages.
- Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
- Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Learn more about how to get a mortgage.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.1
Rating: 3.1 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Homefinity
NMLS: 2289
|
State License: 4965
3.5
Rating: 3.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Additional California mortgage resources
- California loan limits by county: Learn the conforming loan limit for your city or town.
- Search for California mortgage lenders: Explore mortgage lenders in your state.
- Best mortgage lenders in California: Find out Bankrate’s top picks.
As an expert in the field of mortgages and real estate financing, I bring a wealth of knowledge and experience to help you navigate the complex world of home loans. With a solid background in finance and a thorough understanding of market trends, I can provide valuable insights and guidance to make informed decisions.
Now, let's delve into the key concepts mentioned in the provided article about California Mortgage and Refinance Rates:
-
Mortgage Rates and APR:
- The article provides information on the national average 30-year fixed mortgage APR, which is 7.10%, and the 30-year fixed refinance APR at 7.18% as of December 20, 2023. This data is sourced from Bankrate's survey of the nation's largest mortgage lenders.
-
Current Mortgage Interest Rates in California:
- As of the same date, the article states that current interest rates in California are 7.05% for a 30-year fixed mortgage and 6.30% for a 15-year fixed mortgage. It highlights that elevated mortgage rates continue to pose a challenge for housing affordability in California.
-
California Mortgage Rate Trends:
- Mortgage rates in California hit record lows in 2021 but have risen sharply since then. As of September 2023, both national and California mortgage rates were at their highest levels since 2000.
-
National Mortgage Rates by Loan Type:
- The article provides interest rates and APRs for various loan types, including 30-Year Fixed Rate, 15-Year Fixed Rate, 5-1 ARM, 30-Year Fixed Rate FHA, 30-Year Fixed Rate VA, and 30-Year Fixed Rate Jumbo.
-
Mortgage Statistics for California:
- California, known for its expensive housing markets, faces challenges of affordability. Key statistics include an average home value of $744,280 (as of Sept. 2023), a homeownership rate of 55.3% (as of Dec. 2022), and an average mortgage loan size in 2022 of $612,010.
-
Mortgage Options in California:
- The article outlines various mortgage options available in California, such as conventional mortgages, CalHFA (California Housing Finance Agency) loans, FHA loans, and VA loans.
-
First-Time Homebuyer Programs in California:
- Information is provided on first-time homebuyer programs in California, including down payment assistance programs offered by CalHFA, CalHFA and CalPLUS Conventional Loan Programs, and other initiatives to help make homeownership more accessible.
-
How to Find the Best Mortgage Rate in California:
- The article offers a step-by-step guide on finding the best mortgage rate, including strengthening your credit score, determining your budget, knowing mortgage options, comparing rates and terms, and getting preapproved for a mortgage.
-
Compare Mortgage Lenders:
- The article emphasizes the importance of comparing mortgage lenders and provides a tool to do so. It lists two lenders, Garden State Home Loans and Homefinity, along with their Bankrate Scores and customer ratings.
-
Additional California Mortgage Resources:
- The article concludes by offering additional resources, including California loan limits by county, a search tool for California mortgage lenders, and Bankrate's top picks for the best mortgage lenders in California.
In summary, the article covers a comprehensive range of topics related to mortgages in California, providing valuable information for both prospective homebuyers and those considering refinancing options.
