California mortgage and refinancing rates fall across key terms today

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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to below as “credible,” is to give you the tools and confidence you need to improve your finances. While we promote products from our partner borrowers, all opinions are our own.

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Compare mortgage rates in California for July 15, 2021. Mortgage refinancing rates are largely good news, while home purchase rates are even better. (iStock)

According to data collected by Credible Operations, Inc., NMLS ID number 1681276, current mortgage refinancing rates in California have largely changed since this time last week.

If you’re a California homeowner considering refinancing, check out what mortgage refinancing rates look like in the Golden State:

  • 30 year fixed rate refinancing: 2.750%, down from 2.990 last week, -0.240
  • 20-Year Fixed Rate Refinancing: 2,750%, unchanged from last week
  • 15-year fixed rate refinancing: 2.375%, up from 2.250% last week, +0.125

Rates last updated on July 15, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinancing rates have remained below 3,000% for most of July. At just 2.375% — the highest amount they’ve had all month — the 15-year fixed rate is a bargain for homeowners looking to refinance to a shorter term and cut their interest rates while maintaining a manageable monthly payment.

Do you think this is the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified fares in just three minutes.

Looking at current California mortgage rates

The current mortgage rate for buying a home in California has largely not changed since last week at this time.

Interested in buying a home in California? See what the current mortgage interest rate looks like:

  • Mortgages with a term of 30 years with fixed interest: 2.875%, same as last week
  • Mortgages with a term of 20 years with fixed interest: 2.625%, up from 2.500% last week, +0.125
  • Mortgages with a term of 15 years with fixed interest: 2.125%, same as last week

Rates last updated on July 15, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage rates for home purchases have remained below 3,000% since June 17, representing exceptional money-saving opportunities for home buyers.

If you want to buy in Los Angeles, you can explore your options in minutes by going to Credible and comparing the rates of multiple mortgage lenders. View Credible and get prequalified today.

California Mortgage and Refinancing Rate Factors

Your credit score, home location, loan amount, and loan term are among the most influential factors when it comes to mortgage rates you can get in California. You also want to consider larger economic factors such as unemployment rates, inflation, and market conditions before applying for a loan.

Personal economic factors

  • creditworthiness
  • Credit history
  • Debt-to-income ratio
  • Deposit Size
  • Loan-to-value ratio
  • Loan type, size and term
  • Location of the property

Larger economic factors

  • 10-year government bond yield
  • consumer spending
  • employment opportunities
  • Federal Reserve Policy
  • Residential construction and other market conditions
  • Inflation rates
  • Stock and Bond Markets
  • Power of the economy

How do you get the best mortgage rate?

Your mortgage rate is based on several factors, including your credit score, the amount borrowed, the length of your home loan, and more.

If you are looking for the best mortgage rate, here are some steps to take:

  • Boost your credit score. Maximizing your credit score puts you in a better position to receive the best rate.
  • Make a 20% deposit. Home prices in California are high. But the more you put down, the less risk you take to a lender, which can lead to better interest rates. As an added bonus, you avoid expensive private mortgage insurance (PMI).
  • Keep your income stable – or increase it. If possible, avoid changing or quitting jobs before applying for a mortgage.
  • Consider a 15-year mortgage. If you can handle the higher monthly payments, consider taking out a 15-year mortgage instead of a 30-year loan. The shorter term means less risk for the lender and a more favorable interest rate for you.

Some California-specific first-time homebuyer programs also offer low-interest loans, and paying with mortgage points may also qualify you for a lower rate.

California Mortgage Rates by Loan Type

The California housing market may be expensive, but you have options. Whether you’re a first-time homebuyer looking for homes in California, or hoping to refinance your mortgage, Credible can help you find the right loan for your real estate needs. You can compare the current rates for refinancing and home purchase here:

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