
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Average mortgage rates in California ranged from 3.900% to 4.772% in 2018. But interest rates can vary depending on a variety of factors, such as loan type and term.
For instance, the average rate of a 30-year FHA mortgage was 4.772%, whereas a 15-year FHA loan was 4.082%. The difference is less than 1%, but can mean substantial savings.
Loan type | 15-year average rate | 30-year average rate |
---|---|---|
Conventional | 4.306% | 4.697% |
FHA | 4.082% | 4.772% |
VA | 3.900% | 4.546% |
USDA | N/A | 4.642% |
Based on data from ffiec.cfpb.gov
Consider a $325,000 FHA loan. If you got the average 30-year rate, you’d pay $1,670 a month, excluding taxes and other fees specific to your home loan. But if you chose a 15-year loan, your monthly payment could jump to $2,417.
Although a shorter loan term means you pay more per month, it also means you could save $176,755 in interest over the life of the loan.
Mortgage rates in California are likely to stay at the same current low level into 2020. Historically, California interest rates generally trend slightly below the national average.
Major housing authorities project that national interest rates will stay in the high 3s, averaging about 3.7%. California rates are likely to follow suit.
The Golden State has a variety of metropolitan areas, each with slightly different average mortgage rates and home values. If you’re considering moving to a new area, compare rates and property values.
We studied data from the Home Mortgage Disclosure Act (HMDA) to give you an idea of what you might pay on the average 30-year fixed-rate mortgage in different metropolitan areas across California. These costs do not account for taxes, PMI or other fees.
Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
---|---|---|---|
Bakersfield | 4.789% | $215,000 | $1,300 |
Chico | 4.873% | $245,000 | $1,300 |
El Centro | 4.757% | $215,000 | $1,120 |
Fresno | 4.840% | $245,000 | $1,290 |
Hanford-Corcoran | 4.744% | $225,000 | $1,170 |
Los Angeles MSA (Los Angeles County, CA) | 4.693% | $475,000 | $2,460 |
Madera | 4.786% | $235,000 | $1,230 |
Merced | 4.895% | $245,000 | $1,300 |
Modesto | 4.844% | $275,000 | $1,450 |
Napa | 4.67% | $505,000 | $2,610 |
San Francisco MSA (Alameda and Contra Costa Counties, CA) | 4.62% | $565,000.00 | $2,900 |
Oxnard-Thousand Oaks-Ventura | 4.67% | $485,000.00 | $2,510 |
Redding | 4.85% | $225,000.00 | $1,190 |
Riverside-San Bernardino-Ontario | 4.79% | $305,000 | $1,600 |
Sacramento-Roseville-Folsom | 4.75% | $335,000 | $1,750 |
Salinas | 4.68% | $435,000.00 | $2,250 |
San Diego-Chula Vista-Carlsbad | 4.61% | $465,000 | $2,390 |
San Francisco MSA (San Francisco and San Mateo Counties, CA) | 4.30% | $875,000 | $4,330 |
San Jose-Sunnyvale-Santa Clara | 4.40% | $705,000.00 | $3,529 |
San Luis Obispo-Paso Robles | 4.68% | $435,000 | $2,250 |
San Francisco MSA (Marin County, CA) | 4.49% | $735,000 | $3,720 |
Santa Cruz-Watsonville | 4.68% | $585,000 | $3,030 |
Santa Maria-Santa Barbara | 4.69% | $405,000 | $2,100 |
Santa Rosa-Petaluma | 4.71% | $485,000 | $2,520 |
Stockton | 4.84% | $325,000 | $1,710 |
Vallejo | 4.82% | $385,000.00 | $2,020 |
Visalia | 4.76% | $215,000.00 | $1,120 |
Yuba City | 4.82% | $265,000.00 | $1,390 |
Based on data from ffiec.cfpb.gov.
A few tips to help you get the best rate for your home loan:
California mortgage rates usually come in below the national average. But they also vary depending on the area, the loan program and other factors. Compare mortgages and lenders to make sure you get the best loan terms.
A 101 guide covering the types of mortgage loans every homebuyer should know.
Here’s where to get financial help for yourself and your business if you’ve been affected by the storm in February 2021.
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
Ways to protect your assets and what you need to know about marital debt.
Got a mold problem? Here’s what to know before you hire a professional including where to find one, costs and frequently asked questions.
California’s licensing requirements make it easy to find a legit company. Here’s how.
Local lenders can be a great resource when you want expert advice and affordable interest rates. Here’s where to look.
12 steps to launching your own branch of a popular brand.