California Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Principal writer, Home Lending Ribbon Expertise

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.

Edited by

Laurie Richards

Editor, Home Lending 5 years of experience Laurie Richards is a mortgage editor on Bankrate’s Home Lending team.

Edited by

Laurie Richards

Editor, Home Lending 5 years of experience Laurie Richards is a mortgage editor on Bankrate’s Home Lending team.

On Tuesday, September 10, 2024, the national average 30-year fixed mortgage APR is 6.44%. The national average 30-year fixed refinance APR is 6.38%, according . to Bankrate's latest survey of the nation's largest mortgage lenders. Read more

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How to compare mortgage offers

How to compare mortgage offers

Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:

  1. Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
  2. Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
  3. Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
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Current mortgage interest rates in California

As of Tuesday, September 10, 2024, current interest rates in California are 6.35% for a 30-year fixed mortgage and 5.83% for a 15-year fixed mortgage .

The median sale price for a single-family home in California was up 6.5 percent year-over-year to $886,560 as of July 2024, according to the California Association of Realtors. However, if you’re willing to cast a wide net for California living, you can find significantly lower prices in the far northern reaches of the state. Median home prices in that part of the state are $386,450 — nearly $1 million cheaper than the median home price in the bay area.

Refinance rates in California

More than 12,000 mortgages were refinanced in California in June 2024, according to ATTOM Data Solutions. While refinance rates are much higher than they were in early 2021, they have started to come down. If you recently bought a home with a mortgage rate of 7 or 8 percent, keep an eye on rates, as it might make sense to refinance if they drop enough in the near future.

If you’ve had your property in California for a long time, you likely have much more tappable equity now, which can allow you to do a cash-out refinance to further your financial goals. ATTOM’s data show that more than half of California properties are considered “equity-rich” as of the third quarter of 2024.

Learn more: Why and how to do a cash-out refinance

California mortgage rate trends

While mortgage rates are hard to predict, California mortgage rates follow national mortgage rates, which have been falling in recent weeks. The current consensus is for that trajectory to continue going into the fall and the end of 2024.

Along with lower mortgage rates bringing relief to the housing affordability problem, declining median home prices in California could bring additional relief. In July 2024, the median home price in California fell below $900,000 for the first time in four months, according to the California Association of Realtors. In addition, regardless of where you’re looking, it’s important to remember that real estate is a hyper-local industry. In the bay area, for example, San Mateo’s median sold price of $2.1 million is more than three times higher than Solano’s $586,400 median price.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type