California Mortgage and Refinance Rates

Current mortgage interest rates in California

As of Sunday, July 20, 2025, current interest rates in California are 6.61% for a 30-year fixed mortgage and 5.79% for a 15-year fixed mortgage. Like rates elsewhere across the country, mortgage rates in California are poised to hover around 7 percent throughout 2025 before eventually settling close to 6.5 percent before the close of the year.

Refinance rates in California

Refinance rates are looking much more attractive to homeowners who purchased their California properties in the last couple of years and wound up with a rate in the 8 percent territory. According to research from ATTOM, the number of refinance loans in the Golden State increased by more than 11 percent in a year-over-year comparison between February 2025 and February 2024. 

In addition to the ability to lock in a lower rate, California homeowners with a sizable chunk of equity may want to look into cash-out refinance options that can help them unlock funds to pursue other financial goals.

National mortgage rates by loan type

California mortgage rate housing market statistics and trends

As you study California’s housing market, it’s important to focus your research on the area where you want to call home. It’s a big state, so the buying activity next to the beach in San Diego can look entirely different from what’s happening in Palm Desert.

While California is a notoriously expensive place to purchase a home, more affordable living can be found in the northern half of the state away from the densely populated metro areas. Here are some key homeownership statistics to give you an idea of the current market in California:

• Median home sales price, February 2025: $832,500
• Median down payment, February 2025: $156,225
• Median days on market, February 2025: 42
• Homeownership rate, Q1 2025: 55.6% 

Sources: Redfin, ATTOM, U.S. Census Bureau

No matter where you’re looking to buy, don’t just look at the list prices: Compare homeowners insurance options, too, since the state has struggled to keep major carriers in the wake of recent natural disasters.

Mortgage options in California

• California conventional mortgages: Rates and requirements for conventional mortgages will vary depending on the area you want to live in and your financial situation. You can compare mortgage rates to find the option that’s right for you.
• CalHFA: The California Housing Finance Agency (CalHFA) offers state residents access to mortgages, as well as smaller loans designed to help with down payment or closing costs. To get started, borrowers can contact a CalHFA-approved lender or preferred loan officer.
• California FHA loans: Home loans backed by the Federal Housing Administration (FHA) are offered throughout the U.S. While the FHA doesn’t offer loans directly, you can find one through an FHA-approved lender in California. They are offered to first-time homebuyers, defined as those who have not purchased a home in the past two years, as well as repeat buyers. FHA loans are generally designed for low- to moderate-income borrowers with lower credit scores.
• California VA loans: Guaranteed by the Department of Veterans Affairs, VA loans are offered to eligible veterans and active-duty service members. While the VA doesn’t offer loans directly, you can find one through a VA-approved lender in California. VA loan interest rates are typically lower than conventional mortgages, and these loans require no down payment.
• California jumbo loans: You’ll find higher conforming loan limits in many of California’s pricier zip codes, but you may still need to borrow even more money to make homeownership a reality in the state. If you do, you’ll need to compare jumbo loan rates from multiple lenders and be prepared to meet higher down payment and credit score requirements.

First-time homebuyer programs in California

Buying a house in California can be pricey, but first-time homebuyers might qualify for grants or other forms of help. This includes:

• CalHFA down payment assistance programs: Low- to moderate-income borrowers can apply for small down payment and closing costs assistance loans through CalHFA. One option is the MyHome Assistance program, which allows you to borrow a deferred loan worth up to 3.5 percent of the purchase price or appraised value to help you cover closing costs and the down payment with a government loan and up to 3 percent of the price with a conventional loan.
• CalHFA Loan Programs: With the CalHFA Conventional Loan Program, you can get a 30-year fixed-rate conventional loan at potentially a more affordable interest rate, but you’ll also need to meet qualification requirements. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs. CalHFA also offers lower-interest rate FHA, VA and USDA loans, which come with their own benefits and qualifying criteria.

In addition to statewide assistance programs, be sure to compare local options. Some local organizations offer loans and grants to certain types of buyers, including first-time buyers and low- to moderate-income families.

How to find the best mortgage rate in California

Additional California mortgage resources

• California loan limits by county: Learn the conforming loan limit for your city or town.
• Best mortgage lenders in California: Find out Bankrate’s top picks.
• California housing market overview: Know what to expect as a homebuyer or seller in California.
• Cost to buy a house in California: Home prices vary widely across the state. Narrow down your budget here.
• Homeowners insurance in California: Compare policies from a variety of providers.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Chris Jennings, Editor, Home Lending

I’ve been writing and editing about mortgages and personal finance since 2016. At Bankrate, my primary focus involves covering mortgage and real estate trends. I enjoy simplifying complex mortgage topics for first-time homebuyers and homeowners alike. I graduated from Illinois State University with a Bachelor of Arts in English.

Read more from Chris Jennings