Interest Rate
4.796%
APR*
4.876%
Average home price
$554.886

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%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in California

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:

  • Los Angeles
  • San Diego
  • San Jose
  • San Francisco
  • Fresno
  • Sacramento (state capital)

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.

First-time Homebuyers

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.)

Refinancing in California

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:

  • Refinancing your loan at a lower rate
  • Refinancing your loan for a longer term
  • Refinancing in order to cash-out equity
  • Refinancing without a private mortgage insurance (PMI) requirement

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.

GUIDES

Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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