MoneyGeek collected refinance rates in California to help you choose a loan type that best fits your situation. The table below includes California's most recent average rates for different mortgage types and terms.
Today’s Refinance Rates in California
People refinance their mortgages for various reasons, including lowering the interest rate, reducing the loan term or switching to a different type of mortgage. S&P Global averages that Californians with a mortgage owe $363,891 on their homes and pay about $1,696 per month, $537 more than the national average.
MoneyGeek looked into California’s refinance rates to bring you the most up-to-date numbers and help you make an informed decision regarding refinancing your home in the Golden State. Right now, mortgage rates in California are between 4.03% and 5.18% for 15- and 30-year fixed-rate loans and 5/1 adjustable-rate loans.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
Updated: February 22, 2023
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Current Refinance Rates in California
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Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in California?
According to FRED’s economic data, California's average interest on a 15-year fixed-rate mortgage (FRM) is 4.38%, lower than the national average of 4.92%. Interest on a 30-year FRM in the state is 5.18%, again below the national average of 5.81%. And whereas a 5/1 adjustable-rate mortgage (ARM) in California currently has an average interest of 4.03%, the national average is higher at 4.41%.
Understand that a "good rate" is subjective and must take into account various aspects, such as loan terms, loan amount, credit score, income and debts. Mortgage interest rates also fluctuate almost every day. Do not be surprised, therefore, if a lender’s estimate changes from one week to the next.
The bottom line: to ensure you're getting your own best possible rate, it's important to compare quotes from several lenders.
Estimate Your New Monthly Mortgage Payment
MoneyGeek’s mortgage calculator below can estimate your new monthly mortgage refinance payment. Enter your mortgage information and use California’s average rates that we provided. Keep in mind that interest rates fluctuate daily and rely on various personal factors, including credit score, mortgage term, loan amount and debt-to-income ratio.
Edit your mortgage details
Frequently Asked Questions About Refinance Rates in California
Mortgage refinancing requires considerable thought, attention and research. Below, MoneyGeek addresses some of the most frequently asked questions regarding California’s mortgage refinancing rates.
A “good” refinance rate will be relative to your situation and the current market and should provide substantial savings to justify the reason for refinancing.
Mortgage refinancing should result in significant savings on monthly mortgage payments. Consequently, it may not be beneficial if your mortgage refinance rate is higher than your current mortgage rate.
California’s average interest on a 30-year fixed-rate mortgage rate is 5.18%. Rates equal to or below this rate can be deemed acceptable.
California's average interest on a 15-year fixed-rate mortgage is 4.38%. Any rate in line with this may be good for you.
The average interest on a 5/1 adjustable-rate mortgage in California is 4.03%. You're getting a great deal if your interest rate is in line with or lower than this average.
Read More on Mortgages
sources
- FRED. "Mortgage Rates." Accessed June 24, 2022.