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Monterey

Current Mortgage Rates in Monterey, California

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

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

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Mortgage Rates in Monterey, CA as of October 21, 2019
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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.

How Do Today's Monterey, CA Mortgage Rates Compare?

October 21, 2019

The current average rate for a 30 year fixed rate mortgage in Monterey 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
Monterey, CA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Monterey, California?

The median home value for Monterey, CA is $561,162

The median household income for Monterey, CA is $65,183

Based on current mortgage rates and a 10% down payment, you need to make $104,113 per year to buy the median priced home in Monterey

The home price you can afford to buy based on household income in Monterey is 63% of the median home value which means housing prices are very expensive

Monterey ranks 46 out of 58 counties in California and 3,118 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Monterey, CA is very expensive

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Loan Limits for Monterey, California

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monterey below.

Conforming loan limits for Monterey, CA

1 unit: $652,050
2 units: $834,750
3 units: $1,009,000
4 units: $1,253,950

FHA loan limits for Monterey, CA

1 unit: $652,050
2 units: $834,750
3 units: $1,009,000
4 units: $1,253,950

VA loan limits for Monterey, CA

1 unit: $652,050

Additional Mortgage Resources for Monterey, CA Residents

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Sources

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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index