If you’re considering moving to the west coast, keep in mind that although mortgage rates in California are marginally lower than the national average, you should carefully consider your options before making a purchase due to the higher cost of real estate in some locations.
California has expensive living expenses, expensive homeowner’s insurance, and exorbitant house prices in some locations. Having said that, California’s current mortgage and refinance rates are marginally lower than the national average. With the high cost of purchasing a home in California, taking advantage of the present low interest rates will enable you to reduce your mortgage payments.
California Mortgage Rate Overview
The 30-year fixed mortgage rate in California drops to 6.81%. In California, the average 30-year fixed mortgage rate is currently 6.81%, down 6 basis points from 6.87%. The current average mortgage rate in California is 4 basis points higher than the 6.77% national rate.
On May 5, 2024, the average California mortgage interest rate is 26 basis points lower than the rate of 7.07% that was seen previous week.
In addition, California’s average rates for 15-year fixed mortgages have dropped by 12 basis points, from 6.11% to 5.99%, and for 5-year adjustable mortgages, they have dropped by 4 basis points, from 6.66% to 6.62%.
Historical Mortgage Rate of California
Mortgage rates in California are often either comparable to or lower than those in the rest of the nation.
In California, a financial advisor can assist you with preparations for the home-buying process. To ensure that you are ready for the future, financial advisors can also assist with investment and financial planning, including retirement, tax, and estate planning.
| Year | California Mortgage Rate |
| 2010 | 4.83 |
| 2011 | 4.54 |
| 2012 | 3.69 |
| 2013 | 3.85 |
| 2014 | 4.04 |
| 2015 | 3.80 |
| 2016 | 3.63 |
| 2017 | 3.94 |
| 2018 | 4.38 |