California Mortgage Rates 2024
Find the best mortgage rates in California. Compare current rates for Los Angeles, San Francisco, San Diego, and other major CA cities.
California Housing Market Overview
Average Home Price
Conforming Loan Limit
Market Trend
California Market Factors
California's housing market is influenced by high demand, limited inventory, strict regulations, earthquake risk considerations, and major economic drivers like tech and entertainment industries. Jumbo loans are common due to high home values.
Current California Mortgage Rates
| Loan Type | Interest Rate | APR | Points | Max Loan Amount |
|---|---|---|---|---|
| 30-Year Conventional | 6.95% | 7.05% | 0.25 | $766,550 |
| 15-Year Conventional | 6.375% | 6.45% | 0.125 | $766,550 |
| FHA 30-Year | 6.625% | 7.2% | 0.5 | $766,550 |
| VA 30-Year | 6.5% | 6.68% | 0 | $766,550 |
| Jumbo 30-Year | 6.875% | 6.95% | 0.375 | No limit |
Major California Housing Markets
Los Angeles
Popular Areas:
Market Factors:
- High demand
- Limited inventory
- Foreign investment
San Francisco
Popular Areas:
Market Factors:
- Tech industry
- Space constraints
- High incomes
San Diego
Popular Areas:
Market Factors:
- Military presence
- Climate premium
- Biotech industry
Sacramento
Popular Areas:
Market Factors:
- State capital
- Bay Area alternative
- Growing tech sector
Fresno
Popular Areas:
Market Factors:
- Agricultural economy
- Affordability
- Central location
Top California Mortgage Lenders
Wells Fargo
Specialties:
Key Strengths:
- Local branches
- Established reputation
- Full-service banking
Chase Bank
Specialties:
Key Strengths:
- Competitive jumbo rates
- Strong digital platform
- Relationship banking
Union Bank
Specialties:
Key Strengths:
- Multilingual service
- International expertise
- Local knowledge
Golden 1 Credit Union
Specialties:
Key Strengths:
- Member-focused
- Competitive rates
- Local community ties
California Homebuyer Assistance Programs
CalHFA First-Time Homebuyer Programs
State ProgramProgram Benefits
- Down payment assistance up to $110,000
- Below-market interest rates
- Deferred payment loans
Eligibility Requirements
- First-time buyers
- Income limits apply
- Owner-occupancy required
CA Dream For All
Shared Equity LoanProgram Benefits
- Up to 20% down payment assistance
- No monthly payments
- Shared appreciation
Eligibility Requirements
- First-time buyers
- Income limits
- Must be primary residence
CalPLUS FHA Program
FHA EnhancementProgram Benefits
- Expanded debt-to-income ratios
- Flexible underwriting
- Down payment assistance
Eligibility Requirements
- CalHFA first mortgage required
- FHA guidelines
- Income restrictions
VA Loan Benefits
Federal ProgramProgram Benefits
- No down payment
- No PMI
- Competitive rates
- No funding fee (disabled vets)
Eligibility Requirements
- Military veterans
- Active duty
- Eligible spouses
California Mortgage FAQ
What are current mortgage rates in California?
Current 30-year mortgage rates in California average around 6.95% for conventional loans, 6.625% for FHA loans, and 6.5% for VA loans as of 2024-12-30. Jumbo loan rates are around 6.875%.
What is the jumbo loan limit in California?
The 2024 jumbo loan limit in most California counties is $766,551. High-cost areas like San Francisco, Los Angeles, Orange, and San Mateo counties have higher limits up to $1,149,825. Any loan above these amounts is considered a jumbo loan.
Does California offer first-time homebuyer programs?
Yes, California offers several programs including CalHFA first-time buyer programs with down payment assistance up to $110,000, CA Dream For All shared equity loans up to 20%, CalPLUS FHA programs, and various local city and county assistance programs.
Are California mortgage rates higher than the national average?
California mortgage rates are typically similar to national averages, but may be slightly higher due to higher home values, earthquake risk considerations, and regulatory factors. However, strong competition among lenders and high loan volumes often keep rates competitive.
Calculate Your California Mortgage Payment
Use our mortgage calculator with current California rates to estimate your monthly payment.