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Showing results for: Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.

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Lender	Rate	APR	Mo. payment	as of December 12, 2023
NMLS #240415 | State Lic: 01525044 5.0(740) (844) 365-0454	5.999% 30 year fixed	6.218% Points: 1.895	$2,878 Upfront costs: $ 11,091 8 year cost: $228,263	Next More information
NMLS #240415 | State Lic: 01525044 5.0(740) (844) 365-0454	6.500% 5/6 ARM	7.645% Points: 1.812	$3,034 Upfront costs: $ 10,693 8 year cost: $247,131	Next More information
NMLS #3030 4.8(2583)	Numbers you can trust Start with certainty, close with confidence Unique support for first-time homebuyers			Next
Find the top mortgages near you Get accurate quotes from both traditional and digital lenders Get custom mortgage quotes online in under 2 minutes No credit checks required to get quotes. Zip code Find my rates
Rate offerings change frequently Check back soon or get notified when there are updates by signing up for rate alerts. Email address Subscribe By clicking "Subscribe", I agree to Bankrate's Privacy Policy.
Market Survey Rates The rates below are intended for educational purposes. The lenders listed are not active participants in Bankrate's mortgage marketplace.
Schools First FCU	6.250% 5/1 ARM	7.866%	$2,955
Star One Credit Union	6.875% 30 year fixed	6.877%	$3,153
Star One Credit Union	6.625% 5/1 ARM	7.610%	$3,073
Schools First FCU	6.875% 30 year fixed	6.895%	$3,153
The Golden 1 CU	7.000% 30 year fixed	7.019%	$3,193

Important information about our rate tables

Current mortgage interest rates in California

As of Tuesday, December 12, 2023, current interest rates in California are 7.34% for a 30-year fixed mortgage and 6.68% for a 15-year fixed mortgage.

Elevated mortgage rates continue to make housing affordability a challenge for California homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.

California mortgage rate trends

Mortgage rates hit record lows in 2021, but they have risen sharply since then. As of September 2023, mortgage rates nationally and in California were at their highest levels since 2000, according to Bankrate's national survey of lenders.

National mortgage rates by loan type

• Purchase
• Refinance

Product	Interest Rate	APR
30-Year Fixed Rate	7.32%	7.34%
15-Year Fixed Rate	6.74%	6.77%
5-1 ARM	6.67%	7.89%
30-Year Fixed Rate FHA	6.47%	7.37%
30-Year Fixed Rate VA	6.57%	6.70%
30-Year Fixed Rate Jumbo	7.39%	7.40%

Rates as of Tuesday, December 12, 2023 at 6:30 AM

 

 

• Why trust Bankrate's mortgage rates

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:

• Average home value (as of Sept. 2023): $744,280 (Zillow)
• Homeownership rate (as of Dec. 2022): 55.3% (U.S. Census Bureau)
• Average mortgage loan size in 2022: $612,010 (Home Mortgage Disclosure Act)

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.

First-time homebuyer programs in California

Buying a house in California is a pricey proposition, but first-time homebuyers might qualify for grants or other forms of help. Learn more about California first-time homebuyer programs:

• CalHFA down payment assistance programs: Low- to moderate-income borrowers can apply for small down payment and closing costs assistance loans through CalHFA. One option is the MyHome Assistance program, which allows you to borrow a deferred loan worth up to 3.5 percent of the purchase price or appraised value to help you cover closing costs and the down payment.
• CalHFA and CalPLUS Conventional Loan Programs: With the CalHFA Conventional Loan Program, you can get a 30-year fixed-rate mortgage on the conventional market. This means you'll have access to competitively low interest rates, but you'll also need to meet qualification requirements. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs.

Additional California mortgage resources

• California loan limits by county: Learn the conforming loan limit for your city or town.
• Search for California mortgage lenders: Explore mortgage lenders in your state.
• Best mortgage lenders in California: Find out Bankrate's top picks.

How to find the best mortgage rate in California for you

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you'll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more about how to get a mortgage.

ARTICLE BELONGS TO BANKRATE.COM

The Federal Housing Finance Agency (FHFA) announced it will increase the 2024 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $766,550 on one-unit properties and a cap of $1,149,825, in high-cost areas.The previous loan limits were $726,200 and $1,089,300, respectively.

C.A.R. and the NATIONAL ASSOCIATION OF REALTORS^® (NAR) both have long advocated for loan limits that reflect an area's cost of housing. As a result of C.A.R.'s and NAR's efforts, areas with high median home prices have benefited from a loan limit above the national conforming loan limit.

The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or "guarantee."

See 20...

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• Producing new shoots and buds that will produce either vegetative or floral buds for the year three harvest.

This means that branches in one part of the avocado growth cycle are competing for resources (nutrients, water, sun) with branches in other parts of the cycle. When a portion of the avocado tree is actively growing — it acts as a "sink" for the raw materials. In other words, that portion of the tree draws the lion's share of the available resources. Because an avocado tree only has so many resources to offer, the tree will adapt in order to preserve itself — dropping leaves, dropping fruit or minimizing ne...

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For release:
November 17, 2023   

California home sales remain muted in October as elevated interest rates keep homebuyers and sellers on the sideline, C.A.R. reports

• Existing, single-family home sales totaled 241,770 in October on a seasonally adjusted annualized rate, up 0.3 percent from September and down 11.9 percent from October 2022.
  
  
• October's statewide median home price was $840,360, down 0.4 percent from September and up 5.3 percent from October 2022.
  
  
• Year-to-date statewide home sales were down 27.2 percent in October.
  
  

LOS ANGELES (Nov. 17) – California home sales were essentially flat in October, as the cost of borrowing remained elevated and housing inventory continued to be tight, the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) said today.

Infographic: https://www.car.org/Global/Infographics/2023-10-Sales-and-Price

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,770 in October, according to information collected by C.A.R. from more than 90 local REALTOR^® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

October's sales pace was up 0.3 percent on a monthly basis from 240,940 in September and down 11.9 percent from a year ago, when a revised 274,410 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 250,000-unit pace for the second consecutive month. The annual decline was the 28th straight drop, but the decline was the smallest in the last four months.

"A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year," said C.A.R. President Jennifer Branchini, a Bay Area REALTOR^®. "Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions."

Home prices rose again from the year-ago level for the fourth straight month, as the statewide median price recorded its largest year-over-year gain in 17 months. California's statewide median price dipped 0.4 percent from September's $843,340 to $840,360 in October and rose 5.3 percent from a revised $798,140 recorded a year ago. While October's median price took a step back from the month prior, the month-to-month decline was smaller than the long-run September-to-October price adjustment of -1.5 percent observed in the last 44 years. Prices are expected to level off in the next couple of months, following the traditional seasonal pattern. Positive year-over-year price growth should remain throughout the rest of the year as housing supply is projected to be tight in the coming months.

"With the Federal Reserve pausing rate hikes at the last Federal Open Market Committee meeting and recent economic news pointing to a slowing economy, mortgage rates have been coming down in recent weeks," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "If inflation continues to cool, we could see more improvement in mortgage rates than the Fed is currently projecting for next year, which would alleviate some pressure on both the buy and sell sides of the housing market in 2024."

Other key points from C.A.R.'s October 2023 resale housing report include:

• At the regional level, all major regions except one dipped in October on a year-over-year basis, with one dropping more than 10 percent from a year ago. The Central Valley region experienced the biggest sales dip of -11.3 percent from last year, followed by Southern California (-7.4 percent), the San Francisco Bay Area (-3.9 percent) and the Far North (-2.3 percent). The Central Coast (1.9 percent) was the only region that posted a sales increase from last October.

   

• Thirty-six of the 52 counties tracked by C.A.R. registered a sales decline from a year ago in October, with 16 counties dropping more than 10 percent and four counties falling more than 20 percent from last October. Del Norte (-47.4 percent) had the biggest dip in sales, followed by Stanislaus (-28.0 percent), and Tehama (-25.0 percent).Fifteen counties increased in sales from last year, with Trinity (600 percent) gaining the most year-over-year, followed by Napa (49.1 percent) and Lassen (46.7 percent).

• At the regional level, home prices increased from a year ago in all except one major region in October. The Central Coast recorded the largest year-over-year gain in its median price (12 percent) and was the only region with a double-digit price increase from a year ago.Three out of four counties within the Central Coast region posted an annual price gain, with Monterey (29.8 percent) and Santa Barbara (22.9 percent) both registering price gains of over 20 percent from the prior year. The Southern California region (6.5 percent), the San Francisco Bay Area (5.7 percent) and the Central Valley (4.0 percent) also experienced modest median price increases from a year ago. The Far North region (-4.3 percent) was the only region that registered a price decline from October 2022.

   

• Home prices improved in many counties across the state, but 13 counties continued to register a year-over-year decline in their median prices in October. Del Norte posted the biggest price decline with a drop of -21.1 percent from last October, followed by Mendocino (-17.7 percent) and Lassen (-14.8 percent). On the other hand, 39 counties recorded an annual median price increase, with Tehama (35.8 percent) recording the biggest jump, followed by Monterey (29.8 percent) and Santa Barbara (22.9 percent).

   

• At least half of the homes sold above their asking price in five California counties. Four of those five counties were in the Bay Area region. Alameda (72 percent) recorded the biggest share in the entire state, followed by San Francisco (67 percent), Santa Clara (65 percent) and San Mateo (58 percent). Glenn County (50 percent) in the Central Valley region was the remaining county with half of its homes selling above the asking price.

   

• Housing supply in California continued to shrink from a year ago in October as mortgage rates remained elevated. The statewide unsold inventory index (UII), which measures the number of months needed to sell the supply of homes on the market at the current sales rate, was 2.7 months in October 2023 and 3.1 months last October.
  
  
• Housing inventory in California slid back in October from the prior month as the market continued to grapple with high mortgage rates. The statewide unsold inventory index (UII) decreased -3.6 percent on a month-over-month basis and fell below last October by -12.9 percent. Active listings at the state level continued to dip on a year-over year basis for seven straight months, and a further decline in each of the last six months all registered more than 20 percent year-over-year. That said, mortgage rates have been coming down in recent weeks as the Fed paused rate hikes at the latest meeting and recent economic news pointed to a slowing economy. Further decline in mortgage rates should alleviate pressures on both the supply side and the demand side of the housing market in the coming months.
  
  
• Nearly two-thirds of all counties (31) registered declines in active listings from last year, with 27 of them dropping more than 10 percent on a year-over-year basis. Mono (-40.6 percent) posted the biggest year-over-year drop in October, followed by Contra Costa (-40.2 percent) and Merced (-35.1 percent). Nineteen counties recorded a year-over-year gain, with Mariposa registering the largest yearly gain of 38.1 percent, followed by Del Norte (31.8 percent) and Amador (29.1 percent). On a month-to-month basis, over half of the counties (28) experienced a drop in active listings, while 22 counties recorded a monthly increase as the market moved into the off home-buying season.
  
  
• New active listings at the state level dropped from a year ago for the 16^th consecutive month, but the rate of decline continued to decelerate. In fact, newly added for-sale properties dipped less than 10 percent for the first time in 12 months. The smaller year-over-year rate of decline was partly due to low-base effects though, as new active listings in October 2022 also recorded a sizeable drop from the prior year. Thirty-one of the 52 counties tracked by C.A.R. posted a decline in new active listings from October 2022, with Calaveras dropping the most at -35.9 percent, while new active listings in Merced (-35.5 percent) and Kings (-31.0 percent) both plunged more than 30 percent year-over-year.Twenty counties recorded a gain in new active listings from a year ago, with Mono (300 percent) adding the most, followed by Del Norte (64.3 percent) and Plumas (47.4 percent).
  
  
• The median number of days it took to sell a California single-family home was 20 days in October and 28 days in October 2022.
  

• C.A.R.'s statewide sales-price-to-list-price ratio* was 100 percent in October 2023 and 97.3 percent in October 2022.
  
  
• The statewide average price per square foot** for an existing single-family home was $421, up from $396 in October a year ago.
  
  
• The 30-year, fixed-mortgage interest rate averaged 7.62 percent in October, up from 6.90 percent in October 2022, according to C.A.R.'s calculations based on Freddie Mac's weekly mortgage survey data.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS^® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 51 counties.

Leading the way…® in California real estate for more than 117 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

# # #

October 2023 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)

r = revised

October 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

r = revised