Compare mortgage rates and fees for leading lenders in Oakland, 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 Oakland.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Oakland. Plus, shopping lenders is free and there is no obligation.
August 13, 2020
The current average rate for a 30 year fixed rate mortgage in Oakland 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Oakland. Understand how much you need to earn to afford a home in Oakland, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Oakland fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Oakland is right for you.
The median home value for Oakland, CA (Alameda County) is $897,744
Based on current mortgage rates and a 10% down payment, you need to make $161,571 per year to buy the median priced home in Oakland
With this income, you could qualify for a $807,969 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 Oakland is $3,742
The median household income for Oakland, CA (Alameda County) is $90,428
Based on this income, you can afford a home valued at approximately $502,451
The home price you can afford to buy based on household income in Oakland is 56% of the median home value which means housing prices are very expensive. Oakland (Alameda County) ranks 53 out of 58 counties in California and 3,131 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Oakland, 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 Oakland (Alameda County) below.
Conforming loan limits for Oakland, CA
FHA loan limits for Oakland, CA
VA loan limits for Oakland, CA