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Santa Barbara

Current Mortgage Rates in Santa Barbara, California

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.

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Mortgage Rates in Santa Barbara, CA as of July 12, 2020

FREEandCLEAR Exlusive Lender

Low Rates
No Bait & Switch
Online App
2.752% APR Rate: 2.625%
30 Yr Fixed30 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 Santa Barbara, CA Mortgage Rates Compare?

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%

Mortgage Program
Today's
Santa Barbara, 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 Santa Barbara, California?

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

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Loan Limits for Santa Barbara, California

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

1 unit: $625,500
2 units: $800,775
3 units: $967,950
4 units: $1,202,925

FHA loan limits for Santa Barbara, CA

1 unit: $653,200
2 units: $836,200
3 units: $1,010,800
4 units: $1,256,150

VA loan limits for Santa Barbara, CA

1 unit: $625,500

Additional Mortgage Resources for Santa Barbara, CA Residents

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