Current California mortgage and refinancing rates are in flux, with one of the major interest rates hitting 3%


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View mortgage refinancing rates for April 29, 2021. (iStock)

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

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

  • 30-year fixed refinancing rates: 3,000%, up from 2.875% last week, + 0.125%
  • Fixed refinancing rates over 20 years: 2.875%, up from 2.750% last week, + 0.125%
  • 15-year fixed refinancing rates: 2.375%, up from 2.375% last week, + 0.125%

Rates last updated on April 29, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

After three weeks of declines, mortgage refinancing rates continue to rise as the average fixed-rate mortgage rate rose to 2.625% this week. That’s 125 basis points higher on a weekly basis, but significantly lower than last month’s average of 2.750%.

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

Looking at today’s mortgage rates in California

Current mortgage rates for the purchase of a California home have been on the rise around this time since last week.

Interested in Buying a California Home? Check out what the current mortgage interest rates look like:

  • 30-year fixed mortgage interest: 3,000%, up from 2,875% last week, +0,125
  • 20-year fixed mortgage interest: 2.750%, compared to 2.625% last week, + 0.125%
  • 15-year fixed mortgage interest: 2,250%, the same as last week

Rates last updated on April 29, 2021. These rates are based on the assumptions presented here. Actual rates may vary.

After 14 consecutive days below 3%, the 30-year rates have reached that threshold. The average rate for all loan terms also reached more than 2.5%, a two-week high. Despite increases, they remain significantly below the average this time last month, when interest rates rose above 2.625%.

If you’re looking 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.

Mortgage and Refinancing Factors in California

Your credit score, home location, loan amount, and term are among the most influential factors when it comes to the mortgage rate you can get in California. You should also 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
  • Size of the down payment
  • Loan-to-value ratio
  • Type of loan, size and term
  • Location of the property

Larger economic factors

  • Returns on 10-year Treasury bills
  • Consumer spending
  • Employment opportunities
  • Federal Reserve Policy
  • Residential construction and other market conditions
  • Inflation figures
  • Stock and bond markets
  • Power of the economy

How to Get the Best Mortgage Interest

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

If you’re looking for the best mortgage rates, here are some steps to take:

  • Boost your credit score. By maximizing your credit score, you put yourself in a better position to receive the best rate.
  • Make a 20% deposit. House prices in California are high. But the more you put down, the less risk you take for a lender – which can lead to a better rate. 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 costs, 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 new homebuyer programs specific to California also offer low-interest loans, and if you pay with mortgage points, you may also qualify for a lower rate.

California Mortgage Interest by Loan Type

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

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