Current Mortgage Rates in California

Get today's mortgage rate quotes and savings analysis from top lenders for California using our mortgage rate calculator.

Property Information

State California [Change] Zip
Property Type
Property Use
Help me find my home value

Your Information

Credit Score
Income $
Monthly
Annually
Other Monthly Debt Payments $
Save my information on this computer

Purchase Information

Purchase Price $
Down Payment $
Explore these mortgage rate offers customized to your credit profile and loan needs.
Tell us about your loan needs and financial goals to further personalize your mortgage rates.

Filter Results

Sort By
Lower monthly payments
Maximize total savings
Time Horizon
years to hold loan:
2 10 17 24 30
 
Closing Costs
Product Type
Payment Type
Payment Limit
Loan Programs
Customizing your offers, please wait...

Home Loan Mortgage Rates by State





Advantages and Disadvantages of Different Types of Home Loans

There are different types of California home mortgage products available to consumers. Below we have outlined some of the advantages and disadvantages of the different home loan mortgages currently available from national mortgage lenders. Getting the lowest mortgage rate is not always the best choice when selecting a California home mortgage. You can also get a visual view of which loans are best for you using our visual mortgage calculator or use our simple mortgage payment calculator to quickly find your mortgage payment.

40-Year Fixed Mortgage Rates in California

The payments and interest rate on this loan are fixed for the entire 40-year life of the loan. At the end of 40 years, the loan is fully paid off.

  • Advantages of 40-Year Fixed Mortgage in California
    Typically has a lower payment than a traditional 30-year fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
  • Disadvantages of 40-Year Fixed Mortgage in California
    Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

30-Year Fixed Mortgage Rates in California

The payments on this loan are fixed for the entire 30-year life of the loan. At the end of 30 years, the loan is fully paid off.

  • Advantages of 30-Year Fixed Mortgage Rates in California
    Typically has a lower payment than a shorter term fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
  • Disadvantages of 30-Year Fixed Mortgage in California
    Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

20-Year Fixed Mortgage Rates in California

The payments on this loan are fixed for the entire 20-year life of the loan. At the end of 20 years, the loan is fully paid off.

  • Advantages of 20-Year Fixed Mortgage in California
    Typically has a lower rate, accumulates equity more rapidly and has lower total interest expense over the life of the loan than a traditional 30y-year fixed mortgage.
  • Disadvantages of 20-Year Fixed Mortgage in California
    Monthly payment may be higher than fixed rate products with a longer term and ARMs.

15-Year Fixed Mortgage Rates in California

The payments on this loan are fixed for the entire 15-year life of the loan. At the end of 15 years, the loan is fully paid off.

  • Advantages of 15-Year Fixed Mortgage Rates in California
    Typically has a lower rate, accumulates equity more rapidly and has lower total interest expense over the life of the loan than a traditional 30yr fixed mortgage.
  • Disadvantages of 15-Year Fixed Mortgage in California
    Monthly payment may be higher than fixed rate products with a longer term and ARMs.

FHA 30-Year Fixed Mortgage Rates in California

The payments on this loan are fixed for the entire 30-year life of this loan insured by the Federal Housing Administration.

  • Advantages of FHA 30-Year Fixed Mortgage in California
    Typically has a lower payment than a shorter term fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
  • Disadvantages of FHA 30 Year Fixed Mortgage in California
    Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

5/1 ARM Mortgage Rates in California (40-Year term)

This is an adjustable rate mortgage on which you make interest and principal payments; the initial rate you pay is fixed for 5 years.

  • Advantages of 40-Year 5/1 ARM Mortgage in California
    Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage and lower payment than a comparable ARM amortized over 30 years during the initial 5 year fixed period.
  • Disadvantages of 40-Year 5/1 ARM Mortgage in California
    Once the fixed term expires the mortgage rate and payment could move significantly higher. Also, these have higher interest rates and slower debt reduction than shorter-term products.

3/1 ARM Mortgage Rates in California (30-Year term)

This is an adjustable rate mortgage on which you make both interest and principal payments; the initial rate you pay is fixed for 3 years.

  • Advantages of 30-Year 3/1 ARM Mortgage in California
    Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 3 year fixed period.
  • Disadvantages of 30-Year 3/1 ARM Mortgage in California
    Once the fixed term expires the mortgage rate and payment could move significantly higher.

5/1 ARM Mortgage Rates in California (30-Year term)

This is an adjustable rate mortgage on which you make both interest and principal payments; the initial rate you pay is fixed for 5 years.

  • Advantages of 30-Year 5/1 ARM Mortgage in California
    Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 5 year fixed period.
  • Disadvantages of 30-Year 5/1 ARM Mortgage in California
    Once the fixed term expires the mortgage rate and payment could move significantly higher.

FHA 5/1 ARM Mortgage Rates in California (30-Year term)

This is an adjustable rate mortgage insured by the Federal Housing Administration on which you make both interest and principal payments; the initial rate you pay is fixed for 5 years.

  • Advantages of 30-Year FHA 5/1 ARM Mortgage in California
    Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 5 year fixed period.
  • Disadvantages of 30-Year FHA 5/1 ARM Mortgage in California
    Once the fixed term expires the mortgage rate and payment could move significantly higher.

7/1 ARM Mortgage Rates in California (30-Year term)

This is an adjustable rate mortgage on which you make interest and principal payments; the initial rate you pay is fixed for 7 years.

  • Advantages of 30-Year 7/1 ARM Mortgage in California
    Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 7 year fixed period.
  • Disadvantages of 30-Year 7/1 ARM Mortgage in California
    Once the fixed term expires the mortgage rate and payment could move significantly higher.

10/1 ARM Mortgage Rates in California (30-Year term)

This is a fully-amortizing (you pay interest and principal) adjustable rate mortgage for which the initial rate you pay is fixed for 10 years.

  • Advantages of 30-Year 10/1 ARM Mortgage in California
    Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 10 year fixed period.
  • Disadvantages of 30-Year 10/1 ARM Mortgage in California
    Once the fixed term expires the mortgage rate and payment could move substantially higher.

5/1 Interest Only ARM Mortgage Rates in California (30-Year term)

This is a interest only adjustable rate mortgage for which the initial rate you pay is fixed for 5 years. After 5 year(s) a new rate equal to the level of the INDEX plus MARGIN and a new monthly payment are calculated. After the first reset, a new rate and payment are calculated annually. For the first 10 years you pay only the interest. The remaining 20 years are fully-amortizing (you pay interest and principal), so payments may be substantially higher.

  • Advantages of 30-Year 5/1 Interest Only ARM Mortgage in California
    Typically has a lower payment compared to a traditional 30yr fixed mortgage, fully amortized ARMs or Interest only ARM with longer fixed periods during the initial 5 year fixed period.
  • Disadvantages of 30-Year 5/1 Interest Only ARM Mortgage in California
    Payments could increase substantially after the 10 year interest only period and the principal balance will be unchanged. If saved cash flows cannot be reinvested at a higher rate than the mortgage rate, you might be better off in a fixed rate or comparable term fully amortized ARM product.

7/1 Interest Only ARM Mortgage Rates in California (30-Year term)

This is a interest only adjustable rate mortgage for which the initial rate you pay is fixed for 7 years. After 7 year(s) a new rate equal to the level of the INDEX plus MARGIN and a new monthly payment are calculated. After the first reset, a new rate and payment are calculated annually. For the first 10 years you pay only the interest. The remaining 20 years are fully-amortizing (you pay interest and principal), so payments may be substantially higher.

  • Advantages of 30-Year 7/1 Interest Only ARM Mortgage in California
    Typically has a lower payment compared to a traditional 30yr fixed mortgage, fully amortized ARMs or Interest only ARM with longer fixed periods during the initial 7 year fixed period.
  • Disadvantages of 30-Year 7/1 Interest Only ARM Mortgage in California
    Payments could increase substantially after the 10 year interest only period and the principal balance will be unchanged. If saved cash flows cannot be reinvested at a higher rate than the mortgage rate, you might be better off in a fixed rate or comparable term fully amortized ARM product.

10/1 Interest Only ARM Mortgage Rates in California (30-Year term)

This is a interest only adjustable rate mortgage for which the initial rate you pay is fixed for 10 years. After 10 year(s) a new rate equal to the level of the INDEX plus MARGIN and a new monthly payment are calculated. After the first reset, a new rate and payment are calculated annually. For the first 10 years you pay only the interest. The remaining 20 years are fully-amortizing (you pay interest and principal), so payments may be substantially higher.

  • Advantages of 30-Year 10/1 Interest Only ARM Mortgage in California
    Typically has a lower payment compared to a traditional 30yr fixed mortgage, fully amortized ARMs or Interest only ARM with longer fixed periods during the initial 10 year fixed period.
  • Disadvantages of 30-Year 10/1 Interest Only ARM Mortgage in California
    Payments could increase substantially after the 10 year interest only period and the principal balance will be unchanged. If saved cash flows cannot be reinvested at a higher rate than the mortgage rate, you might be better off in a fixed rate or comparable term fully amortized ARM product.

Knowing your current credit score is important when looking for the best mortgage rates. Credit Sesame can provide your free credit score without a credit card or trial periods. Simply register today to get your free credit score report and find the best mortgage rates in California for you!

Disclaimer: Not all mortgage rate products are available in all states.