California Mortgage Rates today
Sunshine, innovation, and endless possibilities await in California. Whether you dream of life by the beach, bustling cityscapes, or charming suburbs, California offers it all. With a thriving economy and diverse culture, it's a land of opportunity for homebuyers. Get pre-approved today and start your California dream.
If you have any questions about securing the best mortgage rates in California, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for California
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6.125%
7.135% APR
$2,375/mo
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6.990%
7.377% APR
$2,393/mo
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6.500%
7.095% APR
$3,136/mo
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6.125%
6.704% APR
$2,215/mo
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7.125%
7.623% APR
$2,425/mo
infoLatest revision - December 22 2024 12:15pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are the current mortgage rates in California?
The current mortgage rates in Arizona are all featured in the section above. As a policy, the rates are refreshed twice daily to help offer our clients the most competitive rates.
How do California interest rates affect mortgages in the state?
Mortgage rates in California phenomenally impact your homeownership costs. For example, higher rates imply higher payments every month, thereby increasing the total lending cost.
Where can California residents find the best mortgage rates?
California residents can find the best mortgage rates, monthly payments, and product APR in the list above. When you compare rates from different lenders, you need to consider the eligibility criteria for every product that interests you, which will help you make informed decisions.
How can California borrowers lock in a favorable home interest rate?
To secure the most favorable home interest rate in California, you need to discuss rate-locking options with the loan office. You need to reach an agreement as soon as possible so that the quoted rates can be frozen for a particular period. By locking the interest rates, you can safeguard yourself from rate fluctuations in the future.
How does the California real estate market impact mortgage rates?
The real estate market in California can impact mortgage rates. Certain factors like demand for real estate properties, the condition of the economy, and the rate of local properties in the area affect the mortgage rates in California.
How do property taxes and insurance costs in MA influence mortgage affordability?
Yes, insurance costs and property taxes can affect mortgage affordability. When assessing current mortgage rates in California, consider these two factors. Use our mortgage calculator to estimate the amount you would spend on insurance and taxes.
California First-Time Homebuyer Loan Programs
CalHFA and CalPLUS conventional and FHA loans
For first-time home buyers in California, CalHFA offers excellent options for conventional or government-backed fixed-rate loans. There are closing costs and down payment assistance. Eligibility for CalHFA are -
- Credit score should be at least between 660 and 680 based on the loan type.
- The purchase price of the home should be less than $1,149,825.
- Buyers need to meet the required income limits depending on the area in California.
- It is a must that the home buyer completes the CalHFA-approved eHome homebuyer counseling course.
There are two types of CalHFA offers, each with 30-year fixed-rate FHA and conventional loans: CalPLUS Conventional or FHA or CalHFA Conventional or FHA. The CalPLUS option has a higher rate of interest. You must read the requirements of conventional or FHA loans and understand lender requirements other than those mentioned in CalHFA guidelines.
CalHFA VA loan
This is a 30-year VA loan specially meant for the military. It has a fixed mortgage rate in California. You need to produce a certificate of eligibility to prove that you meet the requirements of a VA loan.
CalHFA USDA loan
This is another loan option from CalHFA for homebuyers interested in buying homes in rural areas. It is a 30-year fixed-rate USDA loan. There are income limits and geographic limits. Buyers also need to meet other USDA loan guidelines.
CalHFA Forgivable Equity Builder Loan
This loan is for first-time home buyers in California, offering up to 10% of the property's purchase price. The Forgivable Equity Builder Loan can be forgiven if the homebuyer stays in the home for five years continuously as their primary residence. It can be combined with CalHFA's first mortgage.
California down payment assistance
MyHome Assistance and Zero Interest Program (ZIP)
CalHFA offers both MyHome Assistance and the ZIP program help with your closing costs and down payment assistance in California. These second mortgages offer up to 3% of a conventional loan or 3.5% of an FHA loan, whichever is lower. It can be combined with the CalHFA's loan initiatives.
California Dream For All Shared Appreciation Loan
This program is for you if you are a first-generation first-time home buyer in California. It is a newer assistance program in which the buyer gets up to 20% of the purchase price of the home as down payment assistance.
It is a shared appreciation loan. In the event you move out of the home or refinance the mortgage, you need to pay back the 20% that was offered as a down payment as well as an additional 20% of the appreciated value of the home, in case you are earning more than 80% of the AMI. If your earnings are 80% of the AMI or less than that, you need to pay an additional 15% of the home's appreciated value.
In the case of shared appreciation, the repayment limit will differ.
Other California Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
FHA Loans
Get an FHA loan in California even if you have a low credit score—as low as 580. Also, the down payment assistance required in this case is as low as 3.5%.
VA Loans
This is a loan assistance program for people in the military or veterans with zero down payment.
USDA Loans
This is available for home buyers who wish to buy a home in a rural area. It does not require a down payment. The credit score required in this case is 640 or more.
Good Neighbor Next Door program
This program requires a minimum low down payment, but there is a limitation in terms of area. You can save half of the purchase price.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
