Updated: December 12, 2024
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Today's 30-year mortgage rate in California is 6.38%, lower than the national average rate of 6.83%. Homebuyers can lower their expenses through the California Housing Finance Agency's Conventional Loan Programs and the MyHome Assistance Program.
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 December 2024.
In December 2024, California's average APR for a 30-year fixed-rate mortgage is 6.38%, down from November's 6.68%. On a $250,000 loan with a 20% down payment, the current month's rate decrease could save you about $3,339 in total interest cost over the life of the loan, excluding property taxes or HOA fees.
Even small changes in mortgage rates can significantly impact your finances. 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:
Knowing current mortgage rates helps first-time California homebuyers understand lender offers and assess rate competitiveness.
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 6.38% for home purchases and 6.42% 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.
| 5.73% | 5.93% |
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 6.30%.
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 6.38%.
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 6.76%. With a credit score below 680, the average APR bumps up to 8.09%.
Your credit score and down payment affect the mortgage rates for which you may qualify. Check the table below to find out your potential rates:
| 10-year Fixed | 5.65% |
| 15-year Fixed | 6.09% |
| 20-year Fixed | 6.76% |
| 30-year Fixed | 7.03% |
| 5-year ARM | 7.85% |
| 7-year ARM | 7.48% |
In December 2024, 30-year fixed-rate VA loans offer the lowest average APR for 30-year fixed-rate mortgages in California at just 6.18%. Understand various mortgage loan options to make the right choice for your financial future. Below is a table comparing different mortgage loan types:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in California |
|---|---|---|---|
Conventional Loans | Conventional loans in California are not insured by the government but adhere to financing limits. | Rates for conventional loans can vary based on credit score and down payment. | 6.38% |
FHA Loans | FHA loans in California are government-backed mortgages with lower minimum down payment requirements. | FHA loans typically have lower interest rates for borrowers with lower credit scores. | 7.14% |
VA Loans | VA loans in California are reserved for military service members with government guarantee. | VA loans often offer competitive rates due to government backing, regardless of credit score. | 6.18% |
USDA Loans | USDA loans in California help rural homebuyers with zero down payment requirement. | USDA loans can offer below-market rates since they are government-insured. | currently unavailable |
Jumbo Loans | Jumbo loans in California are for amounts exceeding conventional conforming loan limits. | Jumbo loans may have higher rates because they represent a greater risk to lenders. | 6.62% |
Mortgage rates in California come in two types: fixed and adjustable.
For December 2024, the average APR in California is 6.38% for a 30-year fixed loan and 7.06% for a seven-year adjustable-rate mortgage.
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.
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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.
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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.
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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 homebuying 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 homebuying decisions. We've answered your questions about these rates in California.
Current average APRs for mortgages in California as of December 2024 vary depending on the loan type, among other factors. For instance, a 30-year fixed conforming loan has an average APR of 6.38%, while a seven-year ARM jumbo loan has an average APR of 6.98%.
In December 2024, the average APR for a 30-year fixed rate mortgage in California sits at 6.38%, which is lower than the national average of 6.83%. The average APR for a five-year adjustable rate mortgage is 7.18% in California, compared to 7.79% nationally.
Your credit score significantly affects the rates you receive; a higher score can lead to lower mortgage rates due to perceived lower risk by lenders.
Yes, there are several mortgage programs in California including Government Loan Programs, Conventional Loan Programs and the MyHome Assistance Program to aid homebuyers.
To secure the best possible mortgage rate, consider a larger down payment, improve your credit score and shop around for competitive rates from different lenders.
As of December 2024, today's refinance rates in California for a 30-year fixed mortgage is 6.42%, and for a 15-year fixed mortgage, it's 5.83%.
To calculate your mortgage payments, you can use a mortgage calculator for California, which can provide a detailed breakdown of monthly payments, including principal, interest and other related costs.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
