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.
December 11, 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%
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
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
FHA loan limits for Monterey, CA
VA loan limits for Monterey, CA
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