Current Mortgage Rates Today in California of April 2024

ElitePersonalFinance
Last Update: September 25, 2023 Mortgage Loans by States and Cities

Buying a home in California can be expensive and stressful. Knowing where to find the best mortgage rates can help make the process more manageable. Recent statistics indicate that only 55.5% of California residents are homeowners.

To refinance or buy a home in the Golden State, you should consider getting pre-qualified for a mortgage loan and shopping around to find the best rate. The best mortgage rates offer low-interest rates, flexible repayment terms, and no hidden fees.

In April 2024, the best mortgage rates in California vary from lender to lender. To find the lowest rate for your situation, you should compare offers from multiple lenders and look for those that offer a better deal than the current market norm. Additionally, it would be best to consider the length of the loan, fees, and other factors to ensure you are getting a good deal.

Best Mortgage Rates in California April 2024: Key Findings

The best mortgage lenders in California are online lenders, banks, credit unions, and non-traditional lenders. Some of the top mortgage lenders in California include Rocket Mortgage (Quicken Loans), AmeriSave Mortgage, LendingTree, Navy Federal Credit Union, PNC Bank, Chase Bank, Super Money, and F&A Federal Credit Union.

The best lenders require borrowers to pay a done payment of 3% or less and have minimum credit scores of 580 or higher. The best mortgage rates in California depend on the type of loan, the borrower’s credit score, and other factors.

To qualify for the best mortgage rates in California in 2024, borrowers must have a good credit score, a steady income, and enough money for a down payment.

California’s best mortgage loan lenders offer fixed, adjustable, jumbo, purchase, refinance, FHA, VA, HELOC, ARM, home equity, cash-out, and USDA mortgage loan options. In addition to offering competitive rates, they also provide excellent customer service and access to online resources.

Why Trust ElitePersonalFinance Guides?

ElitePersonalFinance has been providing unbiased, independent financial advice since 2016. Our goal is to make personal finance as easy and accessible as possible. We strive to provide comprehensive guides and reviews on the best financial products and services so that consumers can make informed financial decisions.

Our team of experts research and analyze the best mortgage rates in California so that borrowers can find the best deals for their needs and circumstances. All of our reviews are objective, impartial, and independent.

We only work with legit, trusted, and reliable financial institutions. So if you’re looking for the best mortgage rates in California in December 2022, you can trust ElitePersonalFinance to help you make an informed decision.

Please read our detailed Best Mortgage Rates in California guide for more information about the current mortgage rates and how to find the best deals for your needs.

Current Mortgage Interest Rates Today in California of April 2024

30-year fixed-rate6.345%6.456%
20-year fixed-rate5.849%6.007%
15-year fixed-rate5.654%5.867%
10-year fixed-rate5.583%5.880%
7-year ARM6.542%6.651%
5-year ARM6.346%6.479%
3-year ARM2.340%3.371%
30-year fixed-rate FHA5.555%6.351%
30-year fixed-rate VA5.852%6.272%

Today’s average 30-year fixed rate for a home purchase loan in California is 6.345%. This is higher than the nation’s average rate of 6.14% but lower than the rate of 6.16% in April 2024. The current 30-year fixed mortgage rate for a home refinance loan in California is 6.53% – lower than the national average of 7.30%. The current 30-year APR for a home purchase loan in California is 6.456%, and today’s 30-year APR for a refinance loan in California is 6.64%.

Today’s 20-year fixed rate for a home purchase loan in California is 5.849% – lower than the national average of 5.98%. Today’s 20-year purchase mortgage APR in California is 6.007% lower than the average 20-year refinance mortgage APR of 6.53%.

The current 15-year fixed mortgage rate for a home purchase loan in California is 5.654% – lower than the national average of 6.04%. Today’s 15-year APR for a home purchase in California is 5.867% – lower than the 15-year APR for refinance mortgage of 6.11%.

The current 10-year fixed mortgage rate for a home purchase is 5.583% – lower than the national average of 6.15%. Today’s 10-year APR for a home purchase in California is 5.880% – lower than the 10-year APR for refinance mortgage of 6.14%.

The current 7-year ARM mortgage rate for a home purchase loan in California is 6.542%. This is lower than the national average of 6.18% but lower than the 7-year ARM mortgage APR of 6.651%. Today’s APR for a 7-year refinance mortgage in California is 6.38%.

The current 5-year ARM mortgage rate for a home purchase loan in California is 6.346%. This is lower than the national average of 7.47% and the 5-year ARM mortgage APR of 6.479%. Today’s APR for a 5-year refinance mortgage in California is 7.27%.

Today’s 3-year ARM mortgage rate for a home purchase in California is 2.340%. This is lower than the national average of 6.74% and the 3-year ARM home purchase mortgage APR of 3.371%.

Today’s APR for a 3-year refinance mortgage in California is 5.17%.
These figures are according to ElitePersonalFinance’s latest survey of the current mortgage rates for purchase and refinance loans in California in April 2024.

Best Mortgage Rates in California April 2024

Lender:Type of Loans:Min. Credit Score:Best For:Min. Down Payment:
Rocket Mortgage (Quicken Loans)Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA580Customer Service3%
AmeriSave MortgageFixed-rate loans, adjustable-rate loans, cash-out refinances, HELOC, FHA loans, VA loans, USDA loans620 – conventional loans, 580 – FHA or VA loans, 640 – USDA loans, FHA, and VA loans above $700,000Conventional loan with a nontraditional length3% for first-time buyers and 5% otherwise, 20% for jumbo loans
LendingTreePurchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA (specifics vary by lender)585Comparing different mortgage loansVary by each lender
Navy Federal Credit UnionPurchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA620Military lenders0%
PNC BankConventional, ARM, FHA, VA, Refinancing, Home Equity Loan, HELOC620First-time home buyers3%
Chase BankConventional, FHA, VA, ARM, HELOC, Refinancing620Low-income borrowers3%
Super MoneyFixed, adjustable, home equity lines of credit, home equity investments, FHA, VA, ARM, USDA RHSVaries by each lenderComparing different lenders3.5%
F&A Federal Credit UnionFHA, fixed, adjustable, home equity line of credit, refinancingNot disclosedF&A Federal Credit Union members5%

Our Marketplace

We are the largest financial marketplace in the United States, with over 100 lenders and financial institutions. We strive to make it easy for borrowers to compare different loan options to get the best deal.

Our marketplace allows borrowers to quickly and easily compare their mortgage rates in California, get preapproved offers, and apply for their loans online. Best of all, our online application process is secure and simple. We make it easy for borrowers to find the best mortgage rates in California in April 2024.

Rocket Mortgage (Formerly Quicken Loans)

Types of loansPurchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA
Min. down payment3%
Min. Credit Score:580
Average closing time47 Days
Terms:15 years and 30 years
Fees:
  • Charges loan administrative fees between 0.5% and 1%.
  • Charges 2% – 3% of the loan amount for refinancing options.
  • There are no late payment fees.
  • There are no closing fees.
  • There are no prepayment fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Your credit score needs to be at least 680.
  • Be a citizen of the United States, a permanent or a non-permanent resident.
  • Have a stable source of income or government benefits or allowances.
  • Proof of property you want to purchase or refinance.
  • Documentation showing proof of assets like bank statements.
  • Have a maximum DTI ratio of 50%.
  • Complete the necessary details at Rocket Mortgage’s online portal.
Average Borrower Profile:
  • Rocket Mortage doesn’t disclose average borrower profile information
Best For:Customer Service
CHECK RATES

Rocket Mortgage (formerly Quicken Loans) is the largest mortgage lender in California. Since the lender has about 10,000 loan brokers, 43,000 loan officers, and flexible customer service hours, Rocket Mortgage has become a popular choice for borrowers. They offer competitive rates, fast processing times, and excellent customer service.

What makes Rocket Mortgage stand out is the lender’s YOURgage mortgage, which allows you to choose a custom repayment term between 8 and 29 years.

To qualify for a mortgage loan at Rocket Mortgage, you must have a minimum credit score of 580 and a maximum debt-to-income ratio of 50%. In addition, you must meet other qualifications like having a valid US passport, proof of income, and proof of assets.

Rocket Mortgage also charges loan origination fees between 0.5% and 1% and 2%-3% for refinancing loans. Best of all, there are no late payment fees, closing costs, or prepayment penalties.

The closing time at Rocket Mortgage is also fast, taking an average of 47 days.

Pros:

  • No late payment fees, closing costs, or prepayment penalties.
  • YOURgage mortgage allows borrowers to customize their repayment terms between 8 and 29 years.
  • Fast preapproval time in as fast as 8 minutes.
  • Offers extensive customer service hours.

Cons:

  • A minimum credit score of 580 is needed.
  • A maximum DTI ratio of 50% is required.
  • Rocket Mortgage has a below-average loan closing time of 47 days.
  • Rocket Mortgage doesn’t offer HELOCs and loans to buy foreclosures.

AmeriSave Mortgage

Types of loans:Fixed-rate loans, adjustable-rate loans, cash-out refinances, HELOC, FHA loans, VA loans, USDA loans
Min. down payment:
  • 3% for first-time buyers and 5% otherwise
  • 20% for jumbo loans
Min. Credit Score:
  • 620 – conventional loans
  • 580 – FHA or VA loans
  • 640 – USDA loans, FHA, and VA loans above $700,000
Average closing time:25 Days
Terms:5 – 30 years
Fees:
  • Charges a flat application fee of $500.
  • Doesn’t charge loan origination fees.
  • There are no late payment fees.
  • Charges closing fees of 3% to 6% of the amount.
  • There are no prepayment fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Your credit score should be at least 620 for Conventional loans and 580 for FHA and VA loans.
  • Be a citizen of the United States, a permanent or a non-permanent resident.
  • Have an average annual income of $58,946.
  • Proof of property you want to purchase or refinance.
  • Documentation showing proof of assets like bank statements.
  • At least 20 percent home equity to qualify for a cash-out refinance.
  • Complete the necessary details at AmeriSave Mortgage’s online portal.
Average Borrower Profile:
  • AmeriSave Mortage doesn’t disclose average borrower profile information
Best For:Conventional loan with a non-traditional length
CHECK RATES

AmeriSave Mortgage is one of the best mortgage lenders in California because of its low rates, fast approval process, and wide range of loan products. AmeriSave offers fixed-rate loans, adjustable-rate loans, cash-out refinances, HELOCs, FHA, VA, and USDA loans.

The minimum down payment is 3% for first-time buyers and 5% otherwise. The loan origination fee is waived but AmeriSave charges closing fees of 3% to 6%. Best of all, there are no late payment fees or prepayment penalties.

To date, the company has financed over 628,000+ borrowers with over 115+ billion in loan volume within the 20 years of existence in the United States.

To qualify for a purchase or refinance loan at AmeriSave Mortgage, you must be at least 18 years old, have a minimum credit score of 620 for conventional loans, 580 for FHA and VA loans, and 640 for USDA loans or FHA and VA loans of more than $700,000. In addition, you must be a US citizen or permanent or non-permanent resident and have an average annual income of $58,946.

AmeriSave Mortgage has an average closing time of 25 days and offers loan terms ranging from 5 to 30 years. The lender doesn’t charge loan origination fees, and there are no prepayment penalties.

AmeriSave Mortgage is best for those seeking a conventional loan with a non-traditional length.

Pros:

  • No loan origination fees.
  • No late payment fees.
  • AmeriSave has a faster closing time than Rocket Mortgage of 25 days.
  • Applying for a mortgage at AmneriSave doesn’t impact your credit score.

Cons:

  • A minimum credit score of 580 is needed to qualify for a mortgage at AmeriSave.
  • You must have a 20% equity in your home to qualify for a cash-out refinance.

LendingTree

Types of loans:Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA (specifics vary by lender)
Min. down payment:Vary by each lender
Min. Credit Score:600
Average closing time:48 days
Terms:1 – 5 Years
Fees:
  • Loan origination fees vary by every lender.
  • You may incur late payment fees of between 4% and 5% of the total overdue balance.
  • Most lenders don’t charge prepayment fees.
  • Mortgage loan application fees vary by every lender.
  • Late fees vary by every lender.
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600.
  • The maximum DTI ratio is often 36%
  • Have recurring employment income or government benefits
  • Fill out your information through LendingTree’s online portal
Average Borrower Profile:
  • LendingTree doesn’t disclose the average mortgage borrower profile information.
Best For:Comparing different mortgage loans
CHECK RATES

LendingTree is one of the best mortgage lenders in California because it offers various loan products and competitive rates. LendingTree is a marketplace with over 1,500 lenders that compete for your business.

The minimum down payment is 3% for first-time buyers and 5% otherwise. Mortgage loan application fees, late fees, and loan origination fees vary by each lender. Best of all, there are no prepayment penalties for paying your mortgage early.

To qualify for a purchase or refinance loan at LendingTree, you must be at least 18 years old, have an average annual income of $58,946, have a minimum credit score of 600, and have a maximum DTI ratio of 36%.

LendingTree has an average closing time of 48 days and offers loan terms ranging from 1 to 5 years. Best of all, the lender doesn’t charge prepayment fees.

LendingTree is best for those looking for the most competitive rates by shopping around and comparing different mortgage loans.

Pros:

  • A variety of loan products are available from over 1500+ lenders.
  • Competitive rates.
  • No prepayment penalties.
  • LendingTree provides loan monitoring tools.

Cons:

  • A minimum credit score of 600 is needed to qualify for a mortgage at LendingTree.
  • LendingTree doesn’t service loans.
  • Customer support doesn’t solve issues with your lender.

Navy Federal Credit Union

Type of loan:Purchase, Jumbo, Refinance, Fixed, Adjustable, FHA, VA, USDA
Minimum down payment:0%
Min. Credit Score:620
Average closing time:30 days
Terms:5, 10, 15, and 20 years for Home Equity Loan.

20-year draw period with a 20-year repayment period following that.

Fees:
  • Late payment fee of $29.
  • There are no loan origination fees.
  • There are no prepayment fees.
  • Closing costs range from $300 to $2,000 for loans up to $250,000.
Qualification Criteria:
  • Be a member.
  • Be at least 18 years of age.
  • Have recurring employment income or government benefits.
  • Fill out your information through Navy Federal Credit Union’s online portal.
Average Borrower Profile:
  • Takes a 30-year term loans of $300,000.
  • Incurs an interest rate of 5% and an APR of 5.59% in the first 5 years.
  • Pays $1,610.46 in monthly installments in the first 5 years.
  • Incurs an interest rate of 5% and an APR of 5.59% from the 6th year to the loan repayment completion.
  • Pays $1,733.10 in monthly installments between 6 and 30 years.
Best For:Service members and affiliates.
CHECK RATES

Navy Federal Credit Union is a top mortgage lender in California that offers loans between $100 and $500,000. The lender is one of the best mortgage lenders in CA because it offers competitive rates, no loan origination fees, and no prepayment fees.

Navy Federal Credit Union is best for active military members, veterans, and family members. Best of all, the lender’s minimum down payment requirement is 0%.

The lender’s 10 – 30 year VA loans charge a minimum interest rate of 5.125%and an APR of 5.854% with a 0% down payment requirement. In addition, for 16 – 30 year military choice loans, Nave Federal charges interest rates starting at 6.875% and a minimum APR of 7.203%.

A 10 – 30 year conventional fixed-rate loan incurs an interest rate of as low as 5.125% and an APR of as low as 5.356%. However, conventional loans at Navy Federal require a 5% down payment.

A 10 – 30 year home buyer’s choice loan comes with a minimum interest rate of 7.0% and an APR of 7.331%. Best of all, the down payment is 0%.

A 10 – 30 year adjustable mortgage at Nave Federal Credit Union charges minimum interest rates of 5.0% and a minimum APR of 5.590%. However, the lender requires a down payment of 0 – 10% to qualify for an adjustable-rate mortgage.

To qualify for a mortgage at Navy Federal Credit Union, you must be a member and at least 18 years old. In addition, the lender also requires that borrowers have regular employment income or government benefits.

Pros:

  • Competitive rates.
  • No loan origination fees.
  • No prepayment fees.
  • Low minimum down payment requirement of 0%.

Cons:

  • To qualify for a loan, you must be a Navy Federal Credit Union member.
  • Only service members and affiliates are eligible.

PNC Bank

Type of loan:Conventional, ARM, FHA, VA, Refinancing, Home Equity Loan, HELOC
Minimum down payment:3%
Min. Credit Score:620
Average closing time:30 – 45 days
Terms:10 – 30 years
Fees:
  • Typically, 3% – 5% of the loan