Current California Mortgage and Refinance Rates

Written by Jeff Ostrowski

As of Wednesday, August 17, 2022, current rates in California are 5.52% for a 30-year fixed, 4.91% for a 15-year fixed, and 4.13% for a 5/1 adjustable-rate mortgage (ARM).

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Current mortgage rates in California

After hitting record lows in 2021, mortgage rates have risen sharply in 2022. The higher rate environment means housing affordability, already a challenge in California’s high-priced real estate market, presents an even higher hurdle.

One silver lining: Rates on jumbo mortgages have been below rates for conforming mortgages, so Californians who need to borrow more than $1 million can do so at favorable rates.

Refinance rates in California

While interest rates no longer are at historic lows, you might be able to do a cash-out refinance to pay for renovations. You can use Bankrate’s mortgage refinance calculator to run the numbers.

How to find the best mortgage rate in California for you

Shopping around for a mortgage is crucial. By comparing at least three offers, borrowers can save thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal in today’s volatile rate environment.

Mortgage options in California

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’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.

Additional California mortgage resources