Current mortgage interest rates in California

As of Saturday, April 13, 2024, current interest rates in California are 7.44% for a 30-year fixed mortgage and 6.82% for a 15-year fixed mortgage.

The median home sale price in the state was up 6.4 percent year-over-year as of December 2023, according to the California Association of Realtors. Those gains, plus today's higher mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in California

While mortgage refinance rates have more than doubled since the pandemic, many California homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

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

California mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in California.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Mortgage statistics for California

With beaches, mountains and a vibrant economy, California is home to some of the nation's most expensive housing markets. Affordability is a real challenge here, but over the decades, California homeowners have been rewarded with outsized appreciation. Here are some statistics about mortgages and the housing market in The Golden State:

• Housing inventory, Jan. 2024: 3.8% lower YoY
• Median home sales price, Dec. 2023: $819,740
• Homeownership rate, Q4 2023: 56%

Sources: California Association of Realtors, U.S. Census Bureau

Mortgage options in California

There are plenty of mortgage options in California. The most common types of loans include:

• California conventional mortgages: Rates and requirements will vary depending on the area you want to live in and your financial situation. You can compare mortgage rates to find the option that's right for you.
• CalHFA: The California Housing Finance Agency (CalHFA) offers state residents access to mortgages, as well as smaller loans designed to help with down payment or closing costs. To get started, borrowers can contact a CalHFA-approved lender or preferred loan officer.
• California FHA loans: Home loans backed by the Federal Housing Administration (FHA) are offered throughout the U.S. While the FHA doesn't offer loans directly, you can find one through an FHA-approved lender in California. They are offered to first-time homebuyers, defined as those that have not purchased a home in the past two years, as well as repeat buyers. FHA loans are generally designed for low- to moderate-income borrowers with lower credit scores.
• California VA loans: Guaranteed by the Department of Veterans Affairs, VA loans are offered to eligible veterans and active-duty service members. While the VA doesn't offer loans directly, you can find one through a VA-approved lender in California. They require no down payment and typically have lower interest rates than conventional mortgages.