Find today's California mortgage rates based upon your selected criteria and financial goals.
Compare the interest rates, APR and loan payments for different types of loans using our loan rate comparison calculator.
| Type | Today | Last Week | Trend |
|---|---|---|---|
| 30yr Fixed | 3.5% | 3.625% |  |
| 15yr Fixed | 2.875% | 2.875% |  |
| 5/1 ARM | 2.375% | 2.375% | |
See current rates in Sunnyvale, California
Adjustable Rate Mortgage ARMs
An adjustable-rate or variable-rate mortgage is a loan with a note that has as interest rate that periodically adjusts to a new interest rate. An adjustable rate mortgage can have fixed rate features during an initial period of time. During the rate adjustment period, a new interest rate is generated based on a published rate of interest, called an index, and, in most cases, a fixed rate differential, called a margin. Once the rate adjusts, the payment will also adjust to reflect the new rate of interest. Adjustable-rate mortgage can have protections such as interest rate or payment change caps that prevent significant payment shock.
Pros of Adjustable Rate Mortgages
- Initial payments are more affordable than comparable fixed rate mortgages
- Total interest costs over the life of the loan can be lower compared to fixed rate loans
- Borrowers who intend to sell the property before the fixed-rate period expires can avoid paying the higher interest charges of longer-term fixed-rate loans
Cons of Adjustable Rate Mortgages
- Payment adjustments can create cash flow problems
- Payment and interest cost uncertainty over the life of the loan.
Get real mortgage rates fit for your budget and credit
We monitor the lending market daily for the latest home loan products by major banks. Then we match their mortgage rate requirements against your credit profile to find pre-qualified mortgages that meet your financial goals. Plus, we'll track your credit report, home value estimate and Experian credit score monthly and for free, so you never miss a chance to get the right mortgage fit for your financial goals.