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San Mateo

Current Mortgage Rates in San Mateo, California

Compare mortgage rates and fees for leading lenders in San Mateo, 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 San Mateo.

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

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Mortgage Rates in San Mateo, CA as of July 8, 2020

FREEandCLEAR Exlusive Lender

Low Rates
No Bait & Switch
Online App
2.752% APR Rate: 2.625%
30 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 San Mateo, CA Mortgage Rates Compare?

July 8, 2020

The current average rate for a 30 year fixed rate mortgage in San Mateo 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
San Mateo, CA 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 San Mateo, California?

Below we provide helpful information on the real estate market, home prices and housing affordability in San Mateo. Understand how much you need to earn to afford a home in San Mateo, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in San Mateo 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 San Mateo is right for you.

The median home value for San Mateo, CA is $1,254,439

Based on current mortgage rates and a 10% down payment, you need to make $225,767 per year to buy the median priced home in San Mateo

With this income, you could qualify for a $1,128,996 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 San Mateo is $5,228

The median household income for San Mateo, CA is $111,441

Based on this income, you can afford a home valued at approximately $619,205

The home price you can afford to buy based on household income in San Mateo is 49% of the median home value which means housing prices are very expensive. San Mateo ranks 57 out of 58 counties in California and 3,138 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for San Mateo, California

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

Conforming loan limits for San Mateo, CA

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

FHA loan limits for San Mateo, CA

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

VA loan limits for San Mateo, CA

1 unit: $765,600

Additional Mortgage Resources for San Mateo, CA Residents

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