Today’s California mortgage and refinance rates mostly down from last week | July 8, 2021

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Mortgage refinance rates are mostly lower, while rates for home purchase are largely unchanged. (iStock)

According to data compiled by Credible Operations, Inc., NMLS ID Number 1681276, today’s mortgage refinance rates in California have mostly fallen 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-rate refinance: 2.990%, down from 3.000% last week, -0.010
  • 20-year fixed-rate refinance: 2.750%, down from 2.875% last week, -0.125
  • 15-year fixed-rate refinance: 2.250%, up from 2.125% last week, +0.125

Rates last updated on July 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Although today’s mortgage refinance rates continue to be at historic lows, rates have been edging up across terms — day-to-day fluctuations notwithstanding. When compared to mortgage refinance rates at the beginning of June, current refinance rates are slightly higher. Still, rates across all terms remain a good bargain for homeowners looking to refinance into a lower interest rate.

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 held steady or fallen 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: 2.875%, unchanged from last week
  • 20-year fixed-rate mortgages: 2.500%, down from 2.750% last week, -0.250
  • 15-year fixed-rate mortgages: 2.125%, unchanged from last week

Rates last updated on July 8, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

While rates across all terms remain at bargain levels, 30-year mortgage terms — the most common — have lingered well below 3.000% since mid-June. And 15-year fixed rates, a less common term, haven’t topped 2.50% since March. Whether you’re a homebuyer looking for a 30-year mortgage to ensure the lowest possible monthly payment, or a 15-year term to minimize interest costs, today’s mortgage rates represent unprecedented opportunities for savings.

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: