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Today’s California mortgage and refinance rates mixed — one key rate crosses 3% and sticks | Mar. 4, 2021

By Chris Jennings
Published  March 4, 2021 7:14am PST
Personal Finance
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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

Compare mortgage rates in California for March 4, 2021. Interest rates for both refinance and home purchase are up 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 rates: 3.125%, up from 3.000% last week, +0.125
  • 20-year fixed refinance rates: 2.875%, down from 3.000% last week, -0.125
  • 15-year fixed refinance rates: 2.500%, up from 2.375% last week, +0.125

Rates last updated on March 4, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

Mortgage refinance rates rose again this week, marking the fourth consecutive week where the averages for 30- and 15-year fixed rates moved upwards. The 30-year fixed rate average now sits at 3.125%, where it’s held for three of the last four days.

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 remained relatively changed since this time last week.

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

  • 30-year fixed mortgage rates: 3.000%, the same as last week
  • 20-year fixed mortgage rates: 2.750%, down from 2.875% last week, -0.125
  • 15-year fixed mortgage rates: 2.375%, up from 2.250% last week, +0.125

Rates last updated on March 4, 2021]. These rates are based on the assumptions shown here. Actual rates may vary.

After 30-year mortgage rates topped 3.125% earlier this week — its highest mark since June 2020 — fixed mortgages across all loan types began a slow descent back toward historical lows. Today, 15-year average rates fell to 2.375%, while 30-year rates have not budged from 3% for four straight days. 

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: