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California

Current California Mortgage Rates

Compare mortgage rates and closing costs for leading lenders in California. Review free, personalized mortgage rates for California based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in California. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates for California as of July 11, 2020

FREEandCLEAR Exlusive Lender

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2.752% APR Rate: 2.625%
30 Yr Fixed30 Yr Fixed
Points: 1.0
Rate Lock: 30 days
NMLS: 357085  LICENSE: CA 00532825
Terms & Conditions
Ask about no closing cost options
APR
2.752%
Rate
2.625%
Points
1.0
Rate Lock
30 days
NMLS: 357085
LICENSE: CA 00532825

Terms & Conditions
Ask about no closing cost options
Loan terms assume conforming mortgage amount, 80% LTV ratio and minimum borrower credit score of 740. Borrower is responsible for $995 lender fee. Loan terms are subject to change without notice.
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's California Mortgage Rates Compare?

July 11, 2020

The current average rate for a 30 year fixed rate mortgage in California is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
California Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in California?

Below we offer valuable insights on the housing market and real estate prices in California. Understand how much you need to make to buy a house in California, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in California is affordable for you. We provide this helpful information to help you decide if living in California is right for you.

The median home value for California is $636,284

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in California is $114,515

With this income, you could qualify for a $572,656 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in California is $2,652

The median household income for California is $72,765

Based on this income, you can afford a home valued at approximately $404,310

The home price you can afford to buy based on household income in California is 64% of the median home value which means housing prices are very expensive. California ranks 49 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in California is very expensive

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Additional Mortgage Resources for California Residents

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