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.
December 16, 2019
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%
The median home value for California is $615,255
The median household income for California is $71,105
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in California is $114,149
The home price you can afford to buy based on household income in California is 62% 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
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index