Compare mortgage rates and fees for leading lenders in Santa Barbara, 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 Santa Barbara.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Santa Barbara. Plus, shopping lenders is free and there is no obligation.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Santa Barbara 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 Santa Barbara, CA is $616,414
The median household income for Santa Barbara, CA is $70,103
Based on current mortgage rates and a 10% down payment, you need to make $114,364 per year to buy the median priced home in Santa Barbara
The home price you can afford to buy based on household income in Santa Barbara is 61% of the median home value which means housing prices are very expensive
Santa Barbara ranks 48 out of 58 counties in California and 3,121 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Santa Barbara, 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 Santa Barbara below.
Conforming loan limits for Santa Barbara, CA
FHA loan limits for Santa Barbara, CA
VA loan limits for Santa Barbara, 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