Mortgage rates in California

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your California home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in California by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

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Name	Product	Loan products offered	State availability	Min. credit score
SoFi (NMLS #1121636)		Conventional, Home equity, Refinance	Not available in: HI, MO, NM, NY, WV	620	No hidden fees, multiple loan terms, and member discounts available.	See rates More Info		loading Fetching your data...
Rocket Mortgage (NMLS #3030)		Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	Streamline your mortgage from quote to final payment — all from your computer or phone.	See rates More Info		loading Fetching your data...
Better (NMLS #330511)		Conventional, Jumbo, FHA, Refinance	Not available in: HI, MA, MN, NV, NH, VT, VA	620	Online preapproval in minutes and no origination fees with this direct lender.	See rates More Info		loading Fetching your data...
LendingTree (NMLS #1136)		Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance	Available in all states	620	Connect with vetted home loan lenders quickly through this online marketplace.	See rates More Info		loading Fetching your data...

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Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your California home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

A few tips to help you get the best rate for your home loan:

1. Compare loan products. Lenders generally assign different interest rates to their various loan programs. Select the best loan type for your homeownership goals.
2. Explore interest rates from multiple lenders. Lenders determine your interest rate. Always shop around to find the best deal.
3. Examine the closing costs. In addition to interest rates, compare each lender’s closing costs. These fees can run between 1.07% and 1.25% of the loan amount.

Home values in California are forecast to increase

Even after this record-breaking year, California home values are expected to continue their rise into 2022, according to Zillow. Cities like Sonora and Santa Cruz are projected to see increases of almost 18%, while home values in smaller towns like Susanville and Crescent City may only rise by 7% to 8%.

But the home value in California won’t necessarily dictate what you pay. This state’s lack of housing supply and hot real estate market may mean a bidding war, even among the lower-priced homes.

5 fast facts about the California housing market

Keep the following facts in mind while you shop around for a mortgage in California:

1. California’s housing market is breaking its own records. For the past 11 months, home prices have been on the rise in the Golden State. But in June 2021, the state broke its own record with a 22.5% rise in the median home price over June 2020.
2. The market is predicted to stabilize in late 2021. After months of breaking records, several experts are predicting a cooling-off period toward the end of 2021 with mortgage applications down and home appreciation rates failing to keep up with rising prices.
3. California has an affordable housing crisis. This state’s median home price of $680,000 has priced most people out of the market. That, combined with laws that restrict construction of apartments and condos, creates a lack of supply that contributes to the escalating homeless problem and leaves many middle- and low-income families without much choice.
4. Housing assistance programs are available. The California Housing Finance Agency offers help with closing costs and down payment assistance, and CalVet offers lower-cost housing and special home loan programs for veterans and military families.
5. California’s property taxes are relatively low but complicated. Averaging .81% across the counties, this state’s property tax rate ranks 34th in the US, but figuring out your bill isn’t as simple as applying that rate to your assessed home value. Your income, age and purchase price are all factors.

Bottom line

Mortgage rates in California vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.