Current California Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30-year fixed mortgage rates are averaging: 7.02%

Current 15-year fixed mortgage rates are averaging: 6.51%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare CA mortgage rates today

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 Refinance rates in California

  • Rate-and-term refinances change either your interest rate or loan term (and you can even do both), which can help reduce your monthly mortgage payment. Right now, refinance rates are lower than purchase mortgage rates.
  • Cash-out refinances give homeowners with sufficient home equity a way to tap that equity and refinance their mortgage at the same time. They usually come with higher rates than regular refinances, since you’re taking out extra cash.
  • Conventional refinances are any loans that aren’t part of a government-backed loan program. These loans sometimes come with higher rates than government-backed refinances, but also sometimes they’re lower. For instance, right now FHA refinances are carrying higher rates than conventional refinances on average, while VA refinance loans retain their competitive edge, coming in below both.
  • FHA refinances are often a go-to option for first-time homebuyers because they’re insured by the Federal Housing Administration (FHA). The FHA’s backing means borrowers can qualify with lower credit requirements than conventional loans. Nationwide, their rates are currently slightly higher than conventional refinance rates.
  • VA refinances are only offered to qualified military borrowers and are backed by the U.S. Department of Veterans Affairs (VA). Their rates are typically very competitive; in the current rates environment in California, you can expect a VA refinance to carry a rate around 0.2 percentage points lower than an FHA refinance.

Current 30 year-fixed mortgage refinance rates are averaging: 7.34%

The current average rate for a 15-year fixed mortgage refinance is: 6.78%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
 See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

The current mortgage rates forecast is partially cloudy: There’s relatively good news for homebuyers watching mortgage rates in California, but not-so-great news for affordability in the state.

First, the good news: Rates aren’t expected to rise significantly over the course of 2024. Our market expert, Jacob Channel, predicts that 30-year rates could end the year near — or even slightly under — 6%.

The bad news is that we’re still in an affordability crisis and, unlike mortgage rates, home prices haven’t started moving in the right direction yet. Using affordability as a metric, California is also one of the worst states for first-time homebuyers.

However, Channel is cautiously optimistic, noting that if inflation continues to ease and interest rates move downward as predicted, the housing market may pick back up. If rates go low enough that more existing homeowners are willing to sell their homes, this could mean an influx of housing stock and increased affordability overall.

How do I get the best mortgage rate for my California home loan?

There are many factors determining mortgage rates—some that are in your control, and some that aren’t. Here are a few steps you can take now to get the best mortgage rate:

  1. Boost your credit. If you only pay attention to one factor influencing the mortgage rates you’re offered, it should be your credit score. Taking the time to repair or improve your credit before applying for a mortgage can save you a lot in interest charges over the life of a loan.
  2. Lower your debt-to-income (DTI) ratio. Lenders use your DTI ratio to evaluate your current debt load, as well as how much you can afford to add onto it when buying a home. Because a lower DTI looks less risky to lenders, the lower yours is, the better the rates they’ll offer you . If you have the ability to pay off some debt, increase your income or get a cosigner, you can unlock the low rates you’re looking for.
  3. Buy a single-family, site-built home. Because lenders charge more interest for loans they deem riskier, it can pay to avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property.
  4. Pay mortgage points. Mortgage points offer an enticing deal to homebuyers: Make an upfront interest payment now, and in return watch your interest rate drop. Typically you’ll pay 1% of the mortgage loan amount to reduce your rate by 0.25 percentage points.
  5. Compare offers from multiple lenders. Before you settle on a lender, take time to gather loan estimates from three to five lenders. Comparing their offers and choosing the best deal can save you thousands of dollars over the life of your loan, according to LendingTree data.
 Read more about our picks for the best mortgage lenders.
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 When should I lock in my mortgage rate?

When you apply for a mortgage, lenders are required by law to send you a loan estimate within three business days. Once you choose to move forward with a loan offer, you should start thinking about a mortgage rate lock. This guarantees that the interest rate you received in your offer won’t change as you make your way to closing.

2024 California home loan programs

CalHFA Mortgage Loan Programs

The California Housing Finance Agency offers programs for borrowers who want conventional, FHA, VA or USDA loans with fixed interest rates. Borrowers who can afford to take on a slightly higher interest rate with that first mortgage may want to use the CalPlus FHA program or CalPlus conventional program to access a zero-interest second mortgage that can cover closing costs up to 3% of the first mortgage amount. For additional funds, you can combine this with down payment assistance from the MyHome Assistance Program.

 Who qualifies

Borrowers must:

 Meet the program’s income limits
 Take a homebuyer education course

MyHome Assistance

MyHome programs can be used with FHA or conventional loans and offer funds that can be used toward a down payment or closing costs. The maximum amount you can access is 3.5% of the home’s purchase price or its appraised value (whichever is less). The money comes in the form of a second mortgage that doesn’t have to be paid off until the home is sold, refinanced or fully paid off.

 Who qualifies

Borrowers must:

 Meet the program’s income limits
 Take a homebuyer education course

Dream for All

Administered by the CHFA, Dream for All provides a shared-appreciation loan program available for first-time homebuyers who need help affording a down payment or closing costs. “Shared appreciation” means you won’t have to pay the loan back until you sell or transfer the home. At that point, you’ll not only owe back the full loan amount, but an additional amount that represents a share of the home’s appreciation in value. You can borrow up to 20% of the first mortgage loan amount.

 Who qualifies

Borrowers must:

 Be first-time homebuyers
 Use the assistance in conjunction with a Dream For All Conventional first mortgage
 Use an approved lender
 Purchase a home in the state of California
 Complete homebuyer education courses

At least one borrower must:

 Be a first-generation homebuyer (at least one borrower)
 Be a resident of California

 Who qualifies as a first-time homebuyer?

 People who have never owned a home
 People who haven’t owned real estate in the last three years

 People who have lived with a spouse in a home owned by that spouse at any time in the last three years may not qualify

 Who qualifies as a first-generation homebuyer?

 Borrowers who have not owned a home in the United States in the last seven years and whose parents do not own a home in the United States (or didn’t at the time of their deaths)

or

 Borrowers who have ever been in foster care

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Learn about different types of CA mortgage loans

  California conventional loans. For borrowers with strong credit and some down payment savings, a conventional loan is a very traditional option. Their minimum requirements are usually set by Fannie Mae and Freddie Mac, though some lenders set their own guidelines in order to cater to buyers with unique needs.

  California FHA loans. FHA loan requirements give buyers with lower credit a more accessible option, allowing for qualification with credit as low as 500 if you make a 10% down payment. You can put down as little as 3.5%, though, as long as you maintain a 580 credit score.

  California VA loans. VA loan requirements are even more forgiving than conventional or FHA loan requirements because they’re intended to help as many military service members get into homes as possible. You’ll need to have a qualifying military service record to access a VA loan.

  Streamline refinances are for California homeowners who have an FHA or VA loan and want to refinance into another loan within that same program. FHA streamline refinance loans or VA interest rate reduction refinance loans (IRRRLs) allow you to do this with less paperwork and less hassle than other refinance programs.

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