Today’s California mortgage and refinance rates crawl lower | Feb. 18, 2021

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Compare mortgage rates in California for February 18, 2021. Interest rates for both refinance and home purchase are down from yesterday. (iStock)

According to data compiled by Credible Operations, Inc., NMLS ID Number 1681276, today’s mortgage refinance rates in California have risen since this time last week.

If you're a California homeowner thinking about refinancing, check out how mortgage refinance rates are looking in the Golden State:

  • 30-year fixed refinance: 3.000%, up from 2.750% last week, +0.250
  • 20-year fixed refinance: 2.875%, up from 2.500% last week, +0.375
  • 15-year fixed refinance: 2.250%, up from 2.125% last week, +0.125

Rates last updated on February 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinance rates hit highs not seen since early November 2020 this week, with 30-year mortgages topping 3.000% and 20-year rates topping 2.875%. Average rates across all loan types reached 2.708, a new high so far this year. 

Think it might be 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 rates in only three minutes.

Looking at today’s California mortgage rates

Today’s mortgage rates for home purchase in California have risen since this time last week.

Interested in buying a home in California? Check out how current mortgage rates are looking:

  • 30-year fixed-rate mortgages: 2.750%, up from 2.625% last week, +0.125
  • 20-year fixed-rate mortgages: 2.750%, up from 2.375% last week, +0.375
  • 15-year fixed-rate mortgages: 2.125%, up from 2.000% last week, +0.125

Rates last updated on February 18, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage rates for home purchase spiked week-over week, with 20-year rates increasing by 375 basis points. Meanwhile, 15-year rates have eased since last week, holding firm at 2.125% for the third straight day. 

If you're looking to buy in Los Angeles, you can explore your options in minutes by visiting Credible and comparing rates from multiple mortgage lenders. Check out Credible and get prequalified today.

California mortgage and refinance rate factors

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

Personal economic factors

  • Credit score
  • Credit history
  • Debt-to-income ratio
  • Down payment size
  • Loan-to-value ratio
  • Loan type, size, and term
  • Location of the property

Larger economic factors

  • 10-year Treasury yields
  • Consumer spending
  • Employment
  • Federal Reserve policies
  • Housing construction and other market conditions
  • Inflation rates
  • Stock and bond markets
  • Strength of the economy

How to get the best mortgage rate

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

If you’re looking to score the best mortgage rate, here are some steps you need to take:

  • Give your credit score a boost. By maximizing your credit score, you put yourself in a better position to receive the best rate.
  • Make a 20% down payment. Home prices in California are high. But the more you put down, the less risk you’ll pose to a lender — which can lead to a better rate. As an added bonus, you’ll avoid costly private mortgage insurance (PMI).
  • Keep your income steady — 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 on a 15-year mortgage instead of a 30-year loan. The shorter term means less risk for the lender, and more favorable interest rates for you.

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

California mortgage rates by loan type

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