Current California Mortgage and Refinance Rates
As of Saturday, July 31, 2021, current rates in California are 2.92% for a 30-year fixed, 2.23% for a 15-year fixed, and 2.66% for a 5/1 adjustable-rate mortgage (ARM).
Bankrate has offers for California mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
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California mortgage overview
Home to three of the 10 largest cities in the country, it’s no surprise that many want to plant roots in the Golden State. When it comes to mortgages in California, you have plenty of options. Here are some common loan types:
- California conventional mortgages: Rates and requirements 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 a 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 that 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: Backed 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. They require no down payment and typically have lower interest rates than conventional mortgages.
First-time homebuyer programs in California
First-time homebuyers in California have access to assistance in the form of grants and programs. Learn more about California first-time homebuyer programs.
- 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.
- CalHFA and CalPLUS Conventional Loan Programs: With the CalHFA Conventional Loan Program, you can get a 30-year fixed-rate mortgage on the conventional market. This means you’ll have access to competitively low interest rates, but you’d 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 Cal-EEM + Grant program: The CalHFA Cal-EEM + Grant program combines an FHA Energy Efficient Mortgage (EEM) with an additional Cal-EEM grant. This grant assists buyers with energy-efficient home improvements above the FHA maximum allowable EEM loan amount. To qualify, you must meet income limits and other requirements outlined in the latest program handbook.
California mortgage refinancing
With interest rates at historic lows, you may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.
The bigger picture
California is, of course, a major housing market in the U.S. with some of the most expensive real estate in the country. While low mortgage rates have driven a real estate boom nationally, all that competition for housing is driving up prices and tightening inventory in many markets, which means that the Golden State's already-pricey real estate is getting even pricier. If you're looking to buy in California soon, be ready to make your offer count, and prepare to be competing with other potential buyers. Check out Bankrate's tips for first-time homebuyers to learn more and make sure you have everything you need before you start your housing search.