October 26, 2017 in Mortgages


Several key mortgage rates floated higher this week in California. According to our latest rate data, the average rates on 30-year fixed and 15-year fixed mortgages both floated higher. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages held firm.

The average 30-year fixed-mortgage rate in California today is 3.91 percent. That’s 10 basis points higher than last week. The national average, in comparison, is 3.92 percent. A month ago, the average rate on a 30-year fixed mortgage in California was lower, at 3.79 percent.

At the current average rate, you’ll pay $472.24 per month in principal and interest for every $100,000 you borrow. That’s $5.71 higher compared with last week.

In the market for a mortgage? Compare mortgage rates in California now.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.15 percent, up 5 basis points over the last week. That’s identical to the national average of 3.15 percent for this type of loan, which is often used for refinancing.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $698 per $100,000 borrowed.

5/1 ARMs

The average rate on a 5/1 ARM is 3.34 percent, unchanged over the last week.

Monthly payments on a 5/1 ARM at 3.34 percent would cost about $440 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Product Rate Change Last week
30-year fixed 3.91% 0.10 3.81%
15-year fixed 3.15% 0.05 3.10%
5/1 ARM 3.34% 0.00 3.34%
30-year fixed refinance 3.85% 0.09 3.76%
30-year fixed jumbo 4.49% 0.12 4.37%

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”