Updated: July 17, 2024
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Today's 30-year mortgage rate in California is 7.03%, slightly higher than the national average of 6.9%. Homebuyers can lower their mortgage expenses through California Housing Finance Agency's Government Loan Programs, Conventional Loan Programs and other assistance options.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for California. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on July 2, 2024.
In July 2024, the average APR for a 30-year fixed-rate mortgage in California is 7.03%, up by 34 basis points from the previous month's 6.69%. On a $250,000 loan with a 20% down payment, this rate increase could add $16,344 in total interest over the life of the loan, excluding property taxes or HOA fees.
Rates often change due to economic shifts and Federal Reserve actions. The line chart below shows the recent monthly mortgage rate trends.
Understanding the current mortgage rate in California helps you budget effectively and time your mortgage commitment for potential savings.
Staying informed about today's mortgage interest rates in California benefits two types of borrowers in a fluctuating housing market:
First-time homebuyers
Knowing current mortgage rates helps first-time California homebuyers understand lender offers and assess rate competitiveness.
Homeowners with mortgages
Homeowners can compare current rates with their existing rate to decide if a mortgage refinance can save them money.
California's current 30-year fixed mortgage rates are 7.03% for home purchases and 8.16% for refinancing. Knowing these figures helps you weigh the costs of buying a new home versus refinancing an existing mortgage.
A 30-year fixed-rate mortgage usually has a higher rate than the 15-year option. Lenders face a higher risk of non-payment and rate fluctuations with longer loan terms.
You'll see differences in rates when you explore mortgage types in California. Use a mortgage calculator to see how these rates affect your monthly payments and total loan costs.
| 6.07% | APR6.25% |
The interest rate is the yearly cost of borrowing money for a mortgage. California's average interest rate for a 30-year fixed-rate mortgage is 6.96%.
The APR (annual percentage rate) includes the interest rate, mortgage points and other fees, providing a complete view of your annual loan cost. The average APR on a 30-year fixed-rate mortgage in California is 7.03%.
If you have a credit score of 740 or higher and make a down payment of 5% to 20%, the average APR for a 30-year fixed mortgage in California is 6.97%. With a credit score below 680, the average APR bumps up to 8.11%.
Your credit score and down payment affect the mortgage rates you may qualify for. Check the table below to find out your potential rates:
| 10-year Fixed | APR5.87% |
| 15-year Fixed | APR6.32% |
| 20-year Fixed | APR6.91% |
| 30-year Fixed | APR7.28% |
| 5-year ARM | APR7.85% |
| 7-year ARM | APR7.66% |
In July 2024, 30-year fixed-rate VA loans offer the lowest average APR at 6.46% for home purchases in California. Understand various mortgage options to make the right home-buying decisions. Below is a table comparing different loan types:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in California |
|---|---|---|---|
Conventional Loans | Conventional loans are not guaranteed by the federal government. | Creditworthiness and down payment size can influence rates on conventional loans. | 7.03% |
FHA Loans | FHA loans are backed by the Federal Housing Administration. | FHA loans often have lower rates for borrowers with less-than-perfect credit. | 6.86% |
VA Loans | VA loans cater to veterans and are insured by the Department of Veterans Affairs. | VA loans typically offer competitive rates due to government backing. | 6.46% |
USDA Loans | USDA loans support rural development and are backed by the United States Department of Agriculture. | USDA loans can offer favorable rates but are location and income-restricted. | currently unavailable |
Jumbo Loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans may carry higher rates due to the larger amount borrowed. | 6.96% |
Mortgage rates in California come in two types: fixed and adjustable.
As of July 2024, California's average APR is 7.03% for a 30-year fixed mortgage and 7.5% for a 7-year ARM.
New American, Truist and Rocket Mortgage are solid lenders in California due to their state availability, Better Business Bureau accreditation and homeowner assistance programs. You might find other lenders that fit your needs, but these are a great starting point.
Mortgage products, terms and rates vary by lender. To secure the best deal, compare rates from multiple lenders.
New American offers a range of loans, including conventional and FHA options. You can qualify for an FHA loan with a minimum credit score of 580 or a jumbo loan with at least 680. Down payment options start at 3% for conventional loans and range from 3.5% to 10% for FHA loans. It provides phone and email support with flexible hours, including Saturdays, and offers loan assistance solutions.
Pros
Cons
Truist provides various mortgage options, including conventional, VA, FHA and jumbo loans. FHA loans typically require at least 580 for a 3.5% down payment. Conventional loans may require higher scores but can offer down payments as low as 3%, depending on creditworthiness.
Customer service via phone, social media, or in person is available weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 8 a.m. to 5 p.m. ET. Truist supports homebuyers with programs like the Doctor Loan and Affordable Lending Options. For new home construction, it offers streamlined financing through Construction-to-Permanent Loans.
Pros
Cons
Rocket Mortgage provides various loans for homebuyers, including FHA and conventional loans. FHA loans require a minimum credit score of 580, while conventional loans require 620. Down payments start as low as 1% for the ONE+ program, with the lender covering an additional 2% or 3.5% for FHA loans.
Phone and chat support is available Monday through Friday from 8:30 a.m. to 9:00 p.m. ET and Saturday from 9:00 a.m. to 4:00 p.m. ET. Rocket supports California homeowners through programs like ONE+, HomeReady and HomePossible, making homeownership more accessible.
Pros
Cons
When buying a home, be aware of hidden costs that impact your budget. The California Housing Finance Agency offers various mortgage programs to ease the financial burden of homeownership.
Program | Description |
|---|---|
Government Loan Programs | The CalHFA FHA Loan Program offers a 30-year fixed mortgage with federal insurance. The CalPLUS FHA Loan Program includes loan aid and closing cost assistance through the Zero Interest Program (ZIP). Veterans and active military can benefit from fixed rates with the CalHFA VA Loan Program. The CalHFA USDA Loan Program caters to rural homebuyers and can be paired with MyHome Assistance for first-time buyers. |
Conventional Loan Programs | The CalHFA Conventional Program offers a 30-year fixed-rate mortgage with private mortgage insurance for consistent payments. The CalPLUS Conventional Program includes a higher mortgage rate but provides ZIP for closing cost relief. These programs help stabilize payments and assist with initial home-buying expenses. |
MyHome Assistance Program | The MyHome Assistance Program helps with down payments and closing costs, contributing up to 3.5% of your home's value with a CalHFA FHA loan. For CalHFA conventional loans, it offers a junior loan capped at 3%. |
Understanding today's mortgage rates can help you make informed homeownership decisions. We've answered your questions about these rates in California.
As of July 2024, California's current average APRs are 7.5% for a 7-year ARM and 7.03% for a 30-year fixed mortgage.
In July 2024, a 30-year fixed-rate mortgage in California has an average APR of 7.03% versus the 6.9% national average. A 5-year ARM has an average APR of 7.71%, slightly higher than the national average of 7.69%.
Your credit score significantly impacts the rates you get. Higher credit scores typically qualify for lower mortgage rates due to perceived lower risk.
California's mortgage programs, such as Government Loan Programs, Conventional Loan Programs and the MyHome Assistance Program, help buyers access and afford homeownership.
To secure California's best mortgage rate, make a larger down payment, maintain a strong credit score and compare offers from multiple lenders.
As of July 2024, today's refinance rates in California are 8.16% for a 30-year fixed loan and 6.06% for a 15-year fixed one.
Estimate your monthly payments with a mortgage calculator for California, which considers your principal, interest, taxes and insurance.
About Zachary Romeo
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
