Today’s California mortgage and refinance rates rise in tandem

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Mortgage interest rates and refinance rates rose since last week, with only 20-year purchase rates remaining unchanged. Still, mortgage rates and refinance rates remain at historic lows. (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-rate refinance: 3.000%, up from 2.750% last week, +0.25
20-year fixed-rate refinance: 2.875%, up from 2.625% last week, +0.125
15-year fixed-rate refinance: 2.125%, up from 2.000% last week, +0.125

Rates last updated on June 17, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

This week’s increases mark the first time in 66 days that refinance rates have simultaneously risen across all terms.

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: 3.000%, up from 2.750% last week, +0.25
20-year fixed-rate mortgages: 2.750%, up from 2.65% last week, +0.125
15-year fixed-rate mortgages: 2.125%, up from 2.000% last week, +0.125

Rates last updated on June 17, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage rates have lingered well below 3.000% since the end of April, with 30-year rates — traditionally the highest — topping 3.000% only a handful of times this year.

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:

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.