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.
July 12, 2020
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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Santa Barbara. Understand how much you need to earn to afford a home in Santa Barbara, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Santa Barbara 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 Santa Barbara is right for you.
The median home value for Santa Barbara, CA is $636,139
Based on current mortgage rates and a 10% down payment, you need to make $114,489 per year to buy the median priced home in Santa Barbara
With this income, you could qualify for a $572,525 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 Santa Barbara is $2,651
The median household income for Santa Barbara, CA is $71,740
Based on this income, you can afford a home valued at approximately $398,612
The home price you can afford to buy based on household income in Santa Barbara is 63% of the median home value which means housing prices are very expensive. Santa Barbara ranks 48 out of 58 counties in California and 3,120 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