California Mortgage Rates

Compare California mortgage rates and choose the best option for your needs.

By Myfin Team
Updated May 30, 2023
Loan Type
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Purchase Price
Down payment
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
More options
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
Showing 6 mortgages
Includes 0.297 Points ($950)
30-Year Fixed;
On partner's site
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Includes 0.25 Points ($800)
30-Year Fixed;
On partner's site
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Includes 0.375 Points ($1,200)
30-Year Fixed;
On partner's site
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Includes 0 Points ($0)
30-Year Fixed;
On partner's site
Get details
Includes 0.189 Points ($605)
30-Year Fixed;
On partner's site
Get details
  • Certified Pre-Approval Process
  • Customized Rate Quotes, no SSN or Hard Credit Pull
  • 24 x 7 Online Customer Portal Access
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Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Today's Mortgage Rates Trends in California

Mortgage in California

The real estate market is booming, and it’s becoming ever harder for ordinary people to buy decent homes. Nobody knows this better than Californians. The state accounts for the largest share of mortgages in America, so there is no shortage of offers, but finding one that is actually affordable may be tricky (use our mortgage calculator to estimate your future expenses). In this article, we will mention some of the best mortgage lenders in CA, learn about their respective strengths and weaknesses, and answer the most pertinent questions arising from observing this remarkable landscape.

Great mortgage lenders in California

Homenda Mortgage

Homenda Mortgage is an online mortgage-only lender launched in 2021. Despite its very recent arrival, Homenda has already closed more than 150,000 loans.

Pros: Cons:
Neither a loan origination fee nor any lender fees are charged. Limited variety of loans offered.
Relatively low mortgage rates. The organization works without having a physical location for its customers.
Simple and convenient online mortgage application procedure. Short history. There is a noticeable lack of reviews and customer experiences shared on the Internet. This situation should naturally improve with time.
Free mortgage calculator which can be used without signing up.
The lender operates exclusively in the State of California; such focus ensures better organization and a faster review process.

Although the lender is yet to become accredited by BBB, their parent company, Bay Equity Home Loans, is excellently rated (A+). Conventional 30-year loans are granted under a 6.115% - 8.426% APR given a 10% down payment, depending on credit score.

First Citizens Bank

First Citizens Bank is among the oldest and largest banks in the United States that serve retail customers.

Mortgages are issued with fixed or adjustable (increasing) interest rates. The fixed APR makes up 6.289% for a 15-year, 6.256% for a 20-year, and 6.602% for a 30-year mortgage under perfect conditions. The APR can be lowered by buying points (upfront payments equivalent to 1% of the principal). The bank demands a minimum of two years of employment, a credit score of 620 or more, and a DTI of no more than 43%.

Pros: Cons:
Extremely well-established. The bank has been around since forever, engaging in a broad variety of financial services. The website is scanty concerning lender fees (e.g., an underwriting fee can be expected).
Offers variable-rate mortgages. These can be especially handy if you plan on selling or refinancing.

Northpointe Bank

Established in 1999, Northpointe Bank provides financial services to clients throughout the United States. Its mortgage plans cover the whole spectrum of conventional, FHA, USDA, non-qualified, home equity, zero down payment, and other loan options.

The required credit score is 620. With a very good (740) credit score, the APR for a conventional 30-year mortgage with a 25% prepayment is 6.486%. For a 15-year mortgage with the same parameters, the APR is 6.322%.

Pros: Cons:
Offers adjustable-rate mortgages. Little information concerning fees.
Competitive APR. The application process involves talking to a loan officer offline.

Rocket Mortgage

Rocket Mortgage hardly needs an introduction; it is the leading mortgage lender in the United States. In fact, it is the largest retail lender in general. The minimum credit score is normally 620, but in some cases an even lower score may qualify. The APR for 30-year mortgages is 7.199%.

Pros: Cons:
Great user experience. The application is fast, easy, and takes place entirely online. Relatively high APR. This may be a moot point if you qualify for an FHA loan.
Offers variable-rate loans. The lower initial APR can save you money if you promptly redeem or refinance your mortgage. No USDA-backed loans. These government-insured loans provide an affordable avenue for buyers in rural areas.
No physical branches.

Average Mortgage Rate in California from 1978 to 2018

The chart shows average conventional mortgage 30-Year Fixed Rates in California.

Source: Federal Housing Finance Agency Monthly Interest Rate Survey

Information about the Housing Market and Real Estate Prices in California

Criteria Amount, $
The median home value in California $725,544
The income required to buy the median priced home in California $118,877
The monthly mortgage payment required to buy the median priced home in California $2,753
The median household income for California $89,446

What factors should be considered when choosing a lender for a mortgage?

The number one factor to pay attention to when choosing a mortgage lender is of course the APR. This number, expressed as a percentage of the principal, reflects how much you will pay each year in interest and various fees. APR can be fixed or variable (also known as floating), depending on whether it changes over the lifetime of the loan. Loans with variable APR typically require a smaller initial payment, but grow to be more costly overall.


Transparency is another key parameter to be kept in mind. Make sure that you are aware of all the upcoming fees (underwriting costs, origination fees, etc). Hidden fees can be a mark of an untrustworthy lender.

You should also make sure beforehand that you do indeed satisfy the minimum requirements. Different lenders impose different standards in regard to assessing potential clients, though there is some commonality due to legal constraints. In fact, pre-approval is required by the vast majority of sellers to even consider your offer.

Who is the top mortgage Lender in California?

Rocket Mortgage currently accounts for most of the loans in California, as well as nationwide. Other top players are UWM, Wells Fargo, Chase, and others. This doesn’t necessarily mean they offer the best terms on the market, however.

California first-time homebuyer programs

As a first-time homebuyer, you may qualify for one of the special benefits programs made available by the federal and state governments. A first-time homebuyer in this context is someone who has not owned his own home in the last three years, or only done so with a spouse, or someone whose only property violates California’s building codes.

One of these options is a Federal Housing Administration loan. This is in fact a kind of insurance provided by the US government. Such loans are characterized by low interest rates and extremely relaxed requirements: a credit score as low as 500, DTI (debt to income ratio) of 50%, and 3.5% down payment. The maximum amount is $420,680 in most of the country (will grow up to $472,030 in 2023), but in particularly expensive areas it is correspondingly higher (up to $970,800 in 2022 and $1,089,300 in 2023 in Orange County). There is also no upper income limit. The downside is that you will have to pay an insurance premium. Because of this, the effective APR is often higher than that of a conventional loan. All of the above lenders are FHA-approved.

A similar insurance policy from a different government agency constitutes USDA loans. These do not require any down payment. They are, however, only available in designated rural areas. Furthermore, there is a hard income cap at 115% of the median for the area. If you make more than that, you do not qualify. In theory, there is no credit score threshold, but lenders are allowed to require at least 640.

An alternative for first-timers of modest means are state HFA programs, specifically CalHFA for California. To qualify for an HFA loan in California, you will need a credit score of at least 620. Furthermore, and most importantly, your annual income cannot exceed a set per-county limit that varies from $118,550 to $228,300 depending on the county. You may even be eligible for assistance with the down payment, which can be as low as 3% for this type of loan.

How do I get pre-approved for a house in CA?

Home sellers often negotiate more readily with those buyers who have previously got the mortgage pre-approval. In the course of the mortgage pre-approval process, the lender examines the potential borrower's financial status including their income, credit score, proof of employment, etc, and evaluates their ability to repay the loan. To start your pre-approval application, you need to fill out the special form (Uniform Residential Loan Application, abbreviated as URLA). You need to provide your recent pay stubs and account statement to confirm your earnings. Moreover, W-2 forms and tax returns for the last two years are also required

What do I need to qualify for a mortgage in California?

Most lenders offer loans subject to certain conditions imposed by federal agencies such as Fannie Mae and Freddie Mac. Some of these restrictions pertain to borrowers, in particular:

  • The debt-to-income ratio cannot exceed 50%.
  • The income must be verified with tax returns, W2s, and paystubs.

Lenders are free to impose stricter limits. Past these requirements, you are looking at a non-qualified mortgage. These tend to be hard to find, and in any case, they are not known for being affordable, as the government won’t bail out lenders who hand them out irresponsibly, leading to increased risks; however, they may help you if you are self-employed, are a foreign national, or want non-standard options such as an interest-only period and extended term lengths.

On top of that, your credit score obviously matters a lot. The minimum score tends to be 620, but is as low as 500 for FHA loans.


The higher your credit score, the better terms you will be offered otherwise.

Further common sense requirements, such as no recent bankruptcy, apply.

The necessary documentation includes your social security number, detailed financial information, employer’s contacts, and a description of the property.

You will almost certainly be required to pay some part of the home price upfront. The required amount varies from one lender to another. For FHA-insured mortgages, this is just 3.5%; for HFA, only 3%. Conventional loans have a higher lower limit.


What is the maximum mortgage duration in CA?

The longest loan term allowed for qualified mortgages in the United States is 30 years. This also matches the most common duration issued in practice. While it is possible to find non-qualified mortgages with longer terms (usually for refinancing, less so for purchase), such as 40 or even 50 years, they do not involve the same legal protections for the lender and cannot be sold to federal agencies. As a result, they inevitably fall under less favorable conditions, such as higher rates and upfront payment, and impose stricter requirements on borrowers.

What is the mortgage rate right now in California?

The interest rate on a mortgage depends on many factors, the foremost among which are the borrower’s credit score, property location, loan term, the percentage paid upfront, the number of points, etc. As such, the exact answer must take into account your specific circumstances. On average, a fixed 30-year mortgage carries a 6.65% APR in California. The average mortgage rate in California falls to 6.06% for 15-year loans.