Today's California Mortgage Rates
| Loan Type | Rate | APR | Monthly Payment | Min. Down | |
|---|---|---|---|---|---|
30-Year Fixed Most popular · conventional |
6.71%APR 6.85% | 6.85% | $3,876on $600,000 | 3% | |
15-Year Fixed Lower rate · higher payment |
6.06%APR 6.17% | 6.17% | $5,083on $600,000 | 3% | |
5/1 ARM Adjustable after 5 years |
6.16%APR 6.28% | 6.28% | $3,659on $600,000 | 5% | |
30-Year FHA Government-backed · low down |
6.46%APR 6.61% | 6.61% | $3,777on $600,000 | 3.5% | |
30-Year VA Veterans · no down payment |
6.21%APR 6.31% | 6.31% | $3,679on $600,000 | 0% | |
30-Year Jumbo Loans above $766,550 |
6.96%APR 7.11% | 7.11% | $3,976on $600,000 | 10% |
California Mortgage Rate Guide
Current Mortgage Rates in California
As of March 2026, the average 30-year fixed mortgage rate in California is 6.71%. This is based on national Federal Reserve data (Freddie Mac PMMS) adjusted for California's lending environment. The 15-year fixed rate is approximately 6.06%, reflecting the typical spread between loan terms.
In Los Angeles, California's largest market, buyers typically encounter rates within 0.05–0.15% of the state average depending on the lender and borrower profile. Shopping at least 3–5 lenders can save California homebuyers thousands over the life of the loan.
How to Get the Best Mortgage Rate in California
- Credit score matters most. A 760+ score gets you the best rates — typically 0.5–1.0% lower than a 680 score.
- Loan-to-value ratio. Putting 20% down eliminates PMI and can lower your rate by 0.25–0.5%.
- Compare multiple lenders. California has both national banks and local credit unions — rates vary significantly.
- Buy points. Each discount point (1% of loan) typically lowers your rate by 0.25%. Worth it if you plan to stay 7+ years.
- Lock your rate. Once you find a good rate, lock it for 30–60 days while your loan processes.
California Housing Market Overview
The median home price in California is approximately $750,000, which means a typical 20% down payment is $150,000 — leaving a loan amount of $600,000. At today's rate of 6.71%, that translates to a monthly principal and interest payment of roughly $3,876.
California buyers using FHA loans can put as little as 3.5% down with a 580+ credit score. VA loans — available to veterans and active military — offer 0% down at a rate of 6.21%, one of the most competitive options available.
30-Year vs 15-Year Mortgage in California
Choosing between a 30-year and 15-year mortgage is one of the most important decisions for California homebuyers. At today's rates, the 15-year fixed saves you roughly 0.65% in interest rate but requires approximately 40% higher monthly payments. Over the life of the loan on a $600,000 mortgage in California, the 15-year saves over $-119,580 in total interest.
FHA Loans in California
FHA loans are particularly popular with first-time buyers in California due to the low 3.5% down payment requirement and flexible credit standards (580+ FICO). The current FHA rate in California is approximately 6.46%. Note that FHA loans require mortgage insurance premium (MIP) — both upfront (1.75% of loan) and annual (0.55–1.05% depending on LTV).