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If you’re considering buying a home in California, you’ll want the best mortgage rate possible. The mortgage rate you’re offered will depend on a broad range of factors, from your individual credit score and income level to your debt-to-income ratio and how much you can invest in a down payment.
You can improve your chances of getting the best mortgage rate in California by doing due diligence before you apply for home loan preapproval. This can include checking your credit yourself to look for errors, and getting your documentation together in a file ready for submission to a reputable mortgage lender.
Here’s a quick look at current California mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.796%||4.876%||-0.07%|
|Conventional 20 year fixed||4.4%||4.521%||+0.02%|
|Conventional 15 year fixed||3.987%||4.131%||-0.05%|
|Conventional 10 year fixed||3.577%||3.829%||Unchanged|
|Conventional 7 year ARM||4.526%||4.254%||+0.34%|
|Conventional 5 year ARM||4.337%||4.081%||+0.29%|
|FHA 15 year fixed||3.523%||4.414%||-0.03%|
|FHA 30 year fixed||3.932%||4.729%||-0.01%|
|FHA 5 year ARM||3.51%||4.797%||Unchanged|
|VA 30 year fixed||4.116%||4.357%||-0.06%|
|VA 15 year fixed||3.794%||4.271%||+0.02%|
|VA 5 year ARM||4.111%||4.307%||-0.14%|
Musing about buying a home in California? Your future could be bright when you buy your dream home in the Golden State. Here’s what you need to know:
Choose your favorite California town to live in. California houses nearly 38 million people, and more than one in five live in the city’s top six biggest cities:
Choose a price range you can afford, keeping in mind the local cost of living. California ranks 2nd in US homes for sale at average price, and 1st for homes over $1,000,000. It’s critical to get preapproved before you go house hunting in California.
If you’re a first-time home buyer, you may qualify for mortgage assistance through a program administered by the California Housing Finance Agency (CalHFA.)
The MyHome Assistance Program is a deferred-payment subordinate loan capped at $10,000, which can be used to make a down payment or cover closing costs. “Subordinate” means it doesn’t have to be paid until the home is sold, refinanced or paid off.
The Zero Interest Program provides up to 3% of your total loan amount in the form of a no-interest second loan. All payments are deferred as long as you live in the home (you’d have to pay it in full if you sell, resell or refinance the home, or if you default or transfer the title to someone else.)
You might decide it’s a good time to refinance a home in California so you can take advantage of a lower California mortgage rate. Consider your options:
It could be possible to get qualified for a streamlined refinance if you have the right type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.