California mortgage interest rates

Confidently start your journey to owning a home in the Golden State. Whether you are buying your first house or refinancing, knowing California mortgage interest rates is key. Having an idea of where the mortgage market is can help you find options that make sense for your budget and lifestyle.

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Available California homebuyer programs

The California Housing Finance Agency offers programs for first-time homebuyers. These include government-backed loans and regular purchase loans. It also provides options for down payment assistance for all programs.

CalHFA FHA and CalPlus FHA loan programs

These programs, supported by the Federal Housing Administration (FHA), are available through Rate. They offer borrowers 30-year fixed-rate mortgages. Borrowers must live in the property as their primary residence, and income limits apply.

CalHFA VA Loan Program

This program is supported by the U.S. Department of Veterans Affairs (VA). It is for active-duty service members, Veterans, and surviving spouses.

The program is provided through Rate. It offers 30-year fixed-rate mortgages. You’ll need to be eligible per VA guidelines, and income limits apply.

CalHFA USDA Loan Program

This program, supported by the U.S. Department of Agriculture (USDA), is available through Rate. It offers 30-year fixed-rate mortgages. Properties must be in an eligible USDA rural region, and income limits apply.

CalHFA and CalPlus Conventional loan programs

These programs offer conventional loans not backed by the government and are available through Rate. Mortgages are 30-year fixed-rate loans.

MyHome Assistance Program

This program from Rate offers down payment help of up 3.5% for FHA loans and up to 3% of the purchase price for VA, USDA and conventional mortgages. This is a loan that you do not have to pay back until you sell, refinance, transfer or pay off the home.

How to find an affordable mortgage rate in California

Your final mortgage rate for your dream home in California will depend on your credit score and history of managing debt. However, there are several ways you can improve your chances of securing an affordable mortgage interest rate.

  • Improve your credit score: Pay down credit cards and pay bills on time.
  • Make a larger down payment: A larger down payment reduces the loan amount, which could translate into a lower interest rate.
  • Choose a loan with a shorter term: Most homebuyers choose a 30-year mortgage, but a 15-year mortgage typically offers a lower interest rate.
  • Keep your debt-to-income ratio low: A lower DTI makes you less risky to lenders, which can help you secure a better mortgage interest rate.

Ready to lock in your mortgage rate? Start with Rate’s Same Day Mortgage and quickly see what you qualify for—fast and easy.

This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs.

 

Mortgage rates are offered exclusively through Rate, Inc. and are subject to change without notice. The payment amount does not include homeowners' insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment. The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. Refinancing may cause finance charges to be higher over the life of the loan.

 

Rate, Inc. has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency.

 

https://www.calhfa.ca.gov/homebuyer/programs/index.htm#subordinates

https://www.calhfa.ca.gov/apps/approvedlenders/