Current Mortgage Refinance Rates in California (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in California for a 30-year fixed mortgage stand at 5.80%, while a 15-year fixed mortgage is at 5.14%. In comparison, the national average rates are higher, with the 30-year fixed at 6.45% and the 15-year fixed at 5.38%. These figures provide a snapshot of the refinancing landscape, offering a basis for decision-making.

We provide comprehensive insights into refinancing your mortgage in California, offering up-to-date rate trends and practical advice on timing and credit score considerations. Our goal is to equip you with the knowledge you need to make informed refinancing decisions tailored to your financial goals.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in California

The current 30-year refinance rate in California is 5.80%. According to Experian, the average mortgage debt in California is $432,456 as of September 2023. For many homeowners, refinancing your mortgage can be a savvy way to manage this debt by potentially lowering monthly payments and reducing the total interest over the loan's lifetime.

If your current mortgage rate is higher than 5.80%, refinancing could offer significant savings. Below are the current refinance rates in California for you to consider.

15-Year Fixed5.68%5.83%
30-Year Fixed6.32%6.42%

Mortgage Refinance Rate Trends in California

In December, refinance rate trends in California indicated an downward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year refinance rates fell to 5.83%.

Similarly, the 30-year refinance rates decreased to 6.42%. Understanding these trends can help you gauge the current refinancing landscape.

California Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like the US Federal Reserve's monetary policy, economic indicators, and inflation. These elements also affect refinance rate trends in California, making it vital to stay informed about broader economic shifts.

How to Refinance a Mortgage in California

Refinancing your mortgage in California can be a savvy move to reduce monthly payments or adjust loan terms. Ready to explore this opportunity? Let's break down the steps to ensure a smooth transition, making the process as straightforward as a sunny Californian day.

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for; a higher score often means better rates. If your score is less than ideal, consider paying down debt or disputing errors. The average credit score in California is 722.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms against market rates. California's 30-year fixed rate is 5.80% and 15-year is 5.14%. If lower than your current rate, refinancing might be beneficial. Consider how long you plan to stay in your home.

  3. 3

    Gather Necessary Documents

    Prepare documents like pay stubs, tax returns, and proof of homeowners insurance to streamline the process. Having these ready helps lenders verify your financial status and speeds up the original mortgage refinancing.

  4. 4

    Shop Around for Lenders

    Explore various lenders to find the best deal. Look for competitive rates, low fees, and positive customer reviews. Comparing offers ensures you get the most favorable terms for your refinance.

  5. 5

    Understand the Costs Involved

    Be aware of costs like closing costs, appraisal fees, and title insurance. According to the National Association of Realtors, average closing costs in California are $8,028. Understanding these helps you budget effectively.

  6. 6

    Apply for the Loan

    Submit your application with the chosen lender. Ensure all information is accurate to prevent delays. Keeping communication open with your lender can make the process smoother and help address any issues promptly.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to avoid fluctuations. This step protects you from rising rates during the loan process. Confirm the lock-in period to match your expected closing date.

  8. 8

    Close on Your New Loan

    Complete the final paperwork and pay any remaining fees. Review all documents carefully to ensure accuracy. Scheduling your closing at a convenient time can reduce stress and facilitate a smoother transition to your new loan.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to your new loan terms. Set up automatic payments to avoid missing due dates and incurring late fees. This step ensures you stay on track with your financial obligations.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Periodically assess your mortgage terms and market conditions. If rates drop or your financial situation changes, refinancing again might be advantageous. Keeping an eye on the market helps you make informed decisions about your mortgage.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In California, how soon you can refinance a mortgage depends on the type of loan. For conventional loans, refinancing can happen immediately, but a cash-out refinance typically requires a six-month waiting period. USDA loans, on the other hand, generally require a 12-month waiting period before refinancing. This ensures the property still meets USDA guidelines.

October's refinance rate in California is 5.80%, lower than previous months, illustrating a good opportunity for refinancing when rates drop. However, remember that refinancing comes with additional closing costs, which can take years to offset. So, while it's possible to refinance a mortgage within a year, it's often not worth it unless there's a significant reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in California can lower monthly payments with reduced interest rates. Yet, closing costs may offset these savings. Recognizing when to refinance a mortgage in California is vital to ensure financial gain. Let's explore scenarios where refinancing might be a wise decision.

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    Lower Interest Rates

    Refinancing when interest rates drop can reduce monthly payments and overall loan costs. To find the best rates, consult with local lenders and credit unions, which often offer competitive rates. This strategy can lead to significant savings over the life of the loan.

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    Increased Home Value

    Refinancing can be beneficial when your home's value rises, as it increases home equity. Enhancing curb appeal or renovating can boost value. With California's average home value at $784,989, tapping into equity can lower interest rates or eliminate PMI.

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    Improved Credit Score

    A better credit score can qualify you for lower interest rates. Paying bills on time and reducing debt can boost your score. This improvement can lead to substantial savings on interest over the life of your mortgage.

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    Shorter Loan Term

    Refinancing to a shorter loan term can save on interest and help pay off your mortgage faster. Benefits include reduced total interest paid and quicker homeownership. This strategy is ideal for those with increased income or financial stability.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can provide financial stability. A fixed-rate mortgage ensures consistent monthly payments, protecting against future rate hikes and making budgeting easier.

Mortgage Refinancing in California: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in California by Credit Score

Your credit score can impact the rates you qualify for in California. For example, the current average refinance rates in California for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower are 6.78% for scores between 680 and 740, compared to 6.42% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
Select
Loan Type:15-year Fixed
Select
Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
5.59%6.10%

Mortgage Refinance Rates in California by Loan Type

Loan type is another factor that can affect the rates you qualify for in California. For example, the current average refinance rates in California for a 30-year fixed rate loan are 6.42%, compared to 6.90% for a 30-year FHA fixed rate. The table below shows average APRs for various loan types in California.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
6.63%6.63%

FAQ: Today's Mortgage Refinance Rates in California

With market conditions constantly changing, it's natural for California homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most common questions about refinance rates in California, providing you with clear and factual information.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Los Angeles?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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