Updated: November 13, 2024
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Today's 30-year mortgage rate in California is 6.68%, lower than the national average rate of 7.15%. Homebuyers can lower their expenses through the California Housing Finance Agency's Government 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 November 2024.
In November 2024, California's average APR for a 30-year fixed-rate mortgage is 6.68%, up from October's 5.90%. On a $250,000 loan with a 20% down payment, the current month's rate increase could add to the total interest cost by about $39,232 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:
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 6.68% for home purchases and 6.62% 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.
| 5.64% | 5.87% |
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 6.61%.
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 6.68%.
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 7.27%. With a credit score below 680, the average APR bumps up to 7.95%.
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 | 6.30% |
| 20-year Fixed | 6.41% |
| 30-year Fixed | 7.34% |
| 5-year ARM | 8.02% |
| 7-year ARM | 8.03% |
In November 2024, 30-year fixed-rate VA loans offer the lowest average APR for 30-year fixed-rate mortgages in California at just 6.37%. 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 | A conventional loan is not backed by the government, offering flexibility in their terms and requirements. | Market conditions and borrower's creditworthiness are deciding factors in the rates offered for conventional loans. | 6.68% |
FHA Loans | An FHA loan is insured by the Federal Housing Administration, designed to help lower-income borrowers. | FHA loans often have lower rates due to government backing but come with mandatory mortgage insurance premiums. | 6.86% |
VA Loans | A VA loan is a mortgage option for veterans and service members which is partially backed by the Department of Veterans Affairs. | VA loan rates can be lower, as they are government-backed and come with less risk for lenders. | 6.37% |
USDA Loans | USDA loans in California support rural development by offering affordable financing without a down payment. | Choosing a USDA loan can result in lower interest rates due to government backing and the mission to promote rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans in California are for financing amounts that exceed the conforming loan limits set by FHFA. | Higher loan amounts mean jumbo loans usually have higher rates and stricter lending standards. | 6.74% |
Mortgage rates in California come in two types: fixed and adjustable.
For November 2024, the average APR in California is 6.68% for a 30-year fixed loan and 7.20% 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.
Pros
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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.
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
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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 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 homebuying decisions. We've answered your questions about these rates in California.
Current average APRs for various loan types in California vary significantly. As of November 2024, a 30-year fixed conforming loan has a rate of 6.68%, while a seven-year ARM jumbo loan is at 7.11%.
As of November 2024, the current average APRs for a five-year adjustable-rate mortgage and a 15-year fixed-rate mortgage in California are 7.38% and 6.02%, respectively. Compared to the national rates of 7.97% for a five-year adjustable-rate mortgage and 6.28% for a 15-year fixed, California rates are somewhat lower.
Your credit score will significantly influence the low mortgage rates you're eligible for in California. A higher credit score generally qualifies you for lower rates, while a lower score may result in higher interest costs.
Yes, California offers special mortgage programs such as Government Loan Programs, Conventional Loan Programs and the MyHome Assistance Program to help homebuyers with their purchases.
To secure the best mortgage rate in California, consider making a larger down payment, improving your credit score and shopping around with multiple lenders to compare offers.
As of November 2024, today's refinance rates in California for a 15-year fixed loan is 6.04%, and for a 30-year fixed loan, it's 6.62%.
You can use a mortgage calculator for California to estimate your monthly mortgage payments, taking into account factors like home price, down payment, loan term and interest rate.
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.
