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What are California Mortgage Rates Today?
Current California mortgage rates for Sunday, May 30, 2021 are listed here. The average fixed mortgage rate for 30 years is 3.030%. The average 30 year fixed refinancing rate for mortgages is 3.080%. Today the average fixed mortgage rate for 15 years is 2.320%.
For adjustable rate loans, the average rate on adjustable rate mortgages (ARM) of 5/1 is 3.190%.
This information comes from Bankrate's latest survey of the country's largest mortgage lenders.
Current California Mortgage Rates
| Loan type | rating |
|---|---|
| Fixed for 30 years | 3.030% |
| Fixed 15 years | 2,320% |
| 5/1 ARM | 3.190% |
| 30 years of refi | 3.080% |
First-time buyer programs in California
California is the first to have national homebuyer programs, as well as many more that serve specific locations.
The California Housing Finance Agency (CalHFA) offers a variety of loan programs for home purchase in California. So if you are taking out a mortgage through one of these programs and have been a homebuyer for the first time (or have not own a home in the past three years) then you may also qualify for Down Payment Assistance through the MyHome Utility Program.
If you qualify for the MyHome utility program, you will be eligible for a deferred loan for down payment or closing costs that will not be repaid until after the home is sold. The maximum benefit amount depends on the type of CalHFA mortgage you are receiving:
- CalHFA FHA or CalPLUS FHA Loans – The lesser of: $ 11,000 or 3.5% of the sale price or estimated value, whichever is lower
- CalHFA Conventional, CalPLUS Conventional, or CalHFA USDA Loan – The lesser of: $ 11,000 or 3% of the sale price or estimated value, whichever is lower
- CalHFA VA Loans – 3% of the sale price or the estimated value, whichever is lower
Most borrowers who qualify for this program can receive a maximum benefit of $ 11,000. However, school and firefighters are not subject to the $ 11,000 limit.
Mortgage Taxes in California
California may have higher state income taxes, but property tax rates are reasonable, with the average effective California condominium tax rate being 0.70%, according to the Tax Foundation. California also has rules that limit how much the appraised value of your home can increase to just 2% per year.
You may be able to deduct mortgage interest and property taxes from your California income taxes. However, this only applies to you if you list your prints instead of taking the standard print. There are other restrictions to be observed as well. Federal law limits mortgage interest deductions to loans up to $ 750,000, and California has a credit limit for mortgage interest deductions of $ 1,000,000.
Mortgage Refinancing in California
Now is an ideal time to refinance as the refinancing rates are exceptionally low. Refinancing a mortgage in California works the same way as any other state, so the considerations are the same.
Each lender will quote you a different rate and charge different fees. Getting quotes from a few different lenders is a great way to compare them and make sure you get the best deal that you can qualify for. The rule of thumb is to refinance your mortgage when you can cut the interest rate by 1% or more. However, the decision is more complex because you have to consider other factors, such as: B. the term of your loan, which affects your interest rate and your monthly payment. And a low refinance rate might not be good business if you pay excessive upfront fees.
County compliance and FHA credit limits
In order for a home loan to be classified as “compliant”, it must comply with the guidelines of the Federal Office for Housing Financing (FHFA). Housing in certain areas of California is much more expensive than the national average. In these countries, the corresponding credit limits are higher in order to take account of the increased real estate prices.
Here are the compliant credit limits set by the FHFA for each California county:
CALIFORNIA 2021 DETERMINATION OF LOAN LIMITS BY COUNTY
| DISTRICT | ONE UNITY | TWO UNITS | THREE UNITS | FOUR UNIT |
|---|---|---|---|---|
| ALAMEDA | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| ALPINE | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| AMADOR | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| BUTTE | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| CALAVERAS | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| COLUSA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| CONTRA COSTA | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| DEL NORTE | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| EL DORADO | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| FRESNO | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| GLENN | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| HUMBOLDT | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| IMPERIAL | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| INYO | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| CORE | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| KINGS | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| LAKE | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| TO LET | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| LOS ANGELES | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| MADERA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| MARIN | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| BUTTERFLY | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| MENDOCINO | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| MERCED | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| MODOC | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| MONO | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| MONTEREY | $ 739,450 | $ 946,650 | $ 1,144,250 | $ 1,422,050 |
| NAPA | $ 816,500 | $ 1,045,250 | $ 1,263,500 | $ 1,570,200 |
| NEVADA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| ORANGE | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| PLACERS | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| PLUMAS | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| RIVER BANK | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SACRAMENTO | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| SAN BENITO | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SAN BERNARDINO | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SAN DIEGO | $ 753,250 | $ 964,300 | $ 1,165,600 | $ 1,448,600 |
| SAN FRANCISCO | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SAN JOAQUIN | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SAN LUIS OBISPO | $ 701,500 | $ 898,050 | $ 1,085,550 | $ 1,349,050 |
| SAN MATEO | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SANTA BARBARA | 660,100 USD | $ 845,050 | $ 1,021,450 | $ 1,269,450 |
| SANTA CLARA | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SANTA CRUZ | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SHASTA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SIERRA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SISKIYOU | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SOLANO | $ 550,850 | $ 705,200 | $ 852,400 | $ 1,059,350 |
| SONOMA | $ 707,250 | $ 905,400 | $ 1,094,450 | $ 1,360,100 |
| STANISLAUS | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| SUTTER | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| TEHAMA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| TRINITY | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| TULARS | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| TUOLUMNE | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
| VENTURA | $ 739,450 | $ 946,650 | $ 1,144,250 | $ 1,422,050 |
| YOLO | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| YUBA | $ 548,250 | $ 702,000 | $ 848,500 | $ 1,054,500 |
Other types of mortgages follow different rules. For loans supported by the Federal Housing Administration (FHA), the maximum loan size may differ from that for compliant loans.
Here are the FHA credit limits for each California county:
CALIFORNIA 2021 FHA LOAN LIMITS BY COUNTY
| DISTRICT | ONE UNITY | TWO UNITS | THREE UNITS | FOUR UNIT |
|---|---|---|---|---|
| ALAMEDA | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| ALPINE | $ 463,450 | $ 593,300 | $ 717,150 | $ 891,250 |
| AMADOR | $ 364,550 | $ 466,700 | $ 564,100 | $ 701,050 |
| BUTTE | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| CALAVERAS | $ 373,750 | $ 478,450 | $ 578,350 | $ 718,750 |
| COLUSA | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| CONTRA COSTA | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| DEL NORTE | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| EL DORADO | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| FRESNO | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| GLENN | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| HUMBOLDT | $ 356,500 | 456,350 USD | $ 551,650 | $ 685,550 |
| IMPERIAL | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| INYO | $ 373,750 | $ 478,450 | $ 578,350 | $ 718,750 |
| CORE | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| KINGS | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| LAKE | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| TO LET | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| LOS ANGELES | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| MADERA | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| MARIN | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| BUTTERFLY | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| MENDOCINO | $ 442,750 | $ 566,800 | $ 685,100 | $ 851,450 |
| MERCED | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| MODOC | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| MONO | $ 529,000 | $ 677,200 | $ 818,600 | $ 1,017,300 |
| MONTEREY | $ 739,450 | $ 946,650 | $ 1,144,250 | $ 1,422,050 |
| NAPA | $ 816,500 | $ 1,045,250 | $ 1,263,500 | $ 1,570,200 |
| NEVADA | $ 526,700 | $ 674,250 | $ 815,050 | $ 1,012,900 |
| ORANGE | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| PLACERS | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| PLUMAS | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| RIVER BANK | $ 477,250 | $ 610,950 | $ 738,500 | $ 917,800 |
| SACRAMENTO | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| SAN BENITO | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SAN BERNARDINO | $ 477,250 | $ 610,950 | $ 738,500 | $ 917,800 |
| SAN DIEGO | $ 753,250 | $ 964,300 | $ 1,165,600 | $ 1,448,600 |
| SAN FRANCISCO | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SAN JOAQUIN | $ 483,000 | $ 618,300 | $ 747,400 | $ 928,850 |
| SAN LUIS OBISPO | $ 701,500 | $ 898,050 | $ 1,085,550 | $ 1,349,050 |
| SAN MATEO | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SANTA BARBARA | 660,100 USD | $ 845,050 | $ 1,021,450 | $ 1,269,450 |
| SANTA CLARA | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SANTA CRUZ | $ 822,375 | $ 1,053,000 | $ 1,272,750 | $ 1,581,750 |
| SHASTA | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| SIERRA | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| SISKIYOU | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| SOLANO | $ 550,850 | $ 705,200 | $ 852,400 | $ 1,059,350 |
| SONOMA | $ 707,250 | $ 905,400 | $ 1,094,450 | $ 1,360,100 |
| STANISLAUS | $ 396,750 | $ 507,900 | $ 613,950 | $ 763,000 |
| SUTTER | $ 373,750 | $ 478,450 | $ 578,350 | $ 718,750 |
| TEHAMA | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| TRINITY | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| TULARS | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| TUOLUMNE | $ 356,362 | 456,275 USD | $ 551,500 | $ 685,400 |
| VENTURA | $ 739,450 | $ 946,650 | $ 1,144,250 | $ 1,422,050 |
| YOLO | $ 598,000 | $ 765,550 | 925,350 USD | $ 1,150,000 |
| YUBA | $ 373,750 | $ 478,450 | $ 578,350 | $ 718,750 |