The average mortgage rate in California is currently 7.06% for a 30-year fixed loan term and 6.26% for a 15-year fixed loan term.
These are the interest rates offered to California residents looking to buy or refinance a home as of 12/21/2023.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
California homebuyers can get help with down payments and closing costs with these programs. Grant money for energy-efficient improvements is also available.
- Available to: First-time homebuyers.
- Income limits: Vary by county.
- First-time homebuyers only? Yes.
- Down payment and closing cost assistance: Provides a deferred-payment, no-interest junior loan up to 3% of the first mortgage loan amount when you choose a CalPLUS conventional loan or CalPLUS FHA loan. The payment is deferred for the life of the first mortgage.
- Available to: First-time homebuyers.
- Income limits: Vary by county.
- First-time homebuyers only? Yes, with exceptions for borrowers affected by natural disasters in California or for those using the Indian Home Loan Guarantee Program.
- Down payment and closing cost assistance: Extends a deferred-payment junior loan up to the lesser of 3.5% of the purchase price or appraised value, depending on which loan program you choose. Payment is due when you pay off, refinance or default on the first loan, sell the property, or transfer the title.
- Available to: California homebuyers with an FHA-insured Energy Efficient Mortgage who want to make energy-efficient improvements over and above the FHA maximum loan amount.
- Income limits: Vary by county.
- First-time homebuyers only? No.
- Benefit: Provides a grant of up to 4% of the first mortgage loan amount.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
