Mortgage Rates Today in California: April 24, 2025

Looking to buy a home in the Golden State? Understanding mortgage rates today in California is crucial. As of April 24, 2025, the average 30-year fixed mortgage rate in California is 7.06%. This is a slight increase from last week and a bit higher than the national average. But let's dig deeper, because understanding the nuances of these rates can save you money and help you make the best decision for your financial future.

Mortgage Rates Today in California: April 24, 2025 – What You Need to Know

A Quick Look at Today's Rates

Here's a snapshot of the key California mortgage rates by Zillow:

• 30-Year Fixed: 7.06% (up from 7.01% yesterday)
• 15-Year Fixed: 6.14% (up from 6.11% yesterday)
• 5-Year ARM: 7.81% (down from 7.82% yesterday)

It's important to note that these are average rates. The actual rate you'll receive will depend on your individual financial situation, including your credit score, down payment, and loan type.

Why Are Mortgage Rates Important?

Mortgage rates are the percentage of your loan balance that you’ll pay each year to borrow money to buy a house. They affect:

• Your monthly payments: A higher rate means a higher monthly payment.
• How much house you can afford: Higher rates can reduce the amount you can borrow.
• The total cost of your home: Over the life of the loan, you'll pay significantly more with a higher rate.

Breaking Down the Numbers: California Mortgage Rate Trends

The housing market is constantly evolving and tracking those changes is important. So, let's break down the numbers and explore the trends impacting mortgage rates in California.

3-Month Rate History (for borrowers with 740+ credit score & 20%+ down payment)

Date	Loan Type	Interest Rate (%)	APR (%)
Jan 24, 2025	5-year ARM	6.683	7.190
Jan 24, 2025	15-year Fixed	6.025	6.142
Jan 24, 2025	30-year Fixed	6.725	6.798
Feb 24, 2025	5-year ARM	6.487	7.075
Feb 24, 2025	15-year Fixed	5.755	5.871
Feb 24, 2025	30-year Fixed	6.438	6.508
Mar 24, 2025	5-year ARM	6.710	7.044
Mar 24, 2025	15-year Fixed	5.974	5.980
Mar 24, 2025	30-year Fixed	6.593	6.596
Apr 24, 2025	5-year ARM	7.466	7.429
Apr 24, 2025	15-year Fixed	6.124	6.135
Apr 24, 2025	30-year Fixed	6.824	6.832

Key Takeaways:

• Volatility: As you can see, rates have fluctuated over the past three months. This highlights the importance of staying informed and being ready to act when you find a rate that works for you.
• Recent Increase: The data from April 24th, 2025, shows an upward trend, particularly for the 5-year ARM.
• APR Matters: Note the difference between the interest rate and the APR (Annual Percentage Rate). The APR includes lender fees and other costs, giving you a more complete picture of the total cost of the loan.

Different Loan Types: Which One is Right for You?

Choosing the right type of mortgage is just as important as getting a good rate. Here's a quick overview of some common options:

• 30-Year Fixed-Rate Mortgage: This is the most popular option. It offers a stable interest rate and predictable monthly payments over the life of the loan. It's a good choice if you value stability and predictability.
• 15-Year Fixed-Rate Mortgage: With this mortgage type, you'll pay off your loan faster and save money on interest. The monthly payments are higher, but you'll own your home outright much sooner. This might be good for you if you are okay with aggressive loan repayment and are ready to get debt-free as soon as possible!
• 5-Year Adjustable-Rate Mortgage (ARM): The initial interest rate is lower than a fixed-rate mortgage, but the rate can change after the initial fixed period (in this case, 5 years). ARMs can be risky if interest rates rise, but they can also be beneficial if rates stay the same or decrease. This is good for people who don't plan to stay in their home for a long time.
  • How ARMs Work: After the fixed-rate period, the interest rate typically adjusts annually based on a benchmark interest rate, such as the Prime Rate or Secured Overnight Financing Rate (SOFR) plus a margin.

Conforming, Government, and Jumbo Loans: What's the Difference?

Besides the loan term (30-year, 15-year, etc.) you will also have to keep in mind the type of loan you are going to get. Here's a quick run through.

• Conforming Loans: These loans meet the criteria set by Fannie Mae and Freddie Mac, government-sponsored enterprises that buy mortgages from lenders. They typically have lower interest rates than non-conforming loans.
• Government Loans (FHA & VA):
  • FHA Loans: Insured by the Federal Housing Administration, these loans are designed for borrowers with lower credit scores and smaller down payments.
  • VA Loans: Guaranteed by the Department of Veterans Affairs, these loans are available to eligible veterans and active-duty military personnel. They often have no down payment requirement.
• Jumbo Loans: These loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac. They are used to finance higher-priced homes and typically require a larger down payment and excellent credit.

As of April 2025, the conforming loan limit in most of California is quite high because of the high median home prices.

California Conforming, Government & Jumbo Loans

PROGRAM	RATE	1W CHANGE	APR	1W CHANGE
California Conforming Loans
30-Year Fixed Rate	7.06 %	up 0.13 %	7.36 %	down 0.04 %
15-Year Fixed Rate	6.14 %	up 0.10 %	6.34 %	down 0.01 %
5-year ARM	7.81 %	up 0.60 %	7.90 %	up 0.03 %
California Government Loans
30-Year Fixed Rate FHA	7.75 %	up 1.83 %	8.80 %	up 1.82 %
30-Year Fixed Rate VA	6.45 %	down 0.09 %	6.66 %	down 0.09 %
15-Year Fixed Rate FHA	5.69 %	up 0.11 %	6.71 %	up 0.11 %
California Jumbo Loans
30-Year Fixed Rate Jumbo	7.29 %	up 0.10 %	7.72 %	up 0.13 %
15-Year Fixed Rate Jumbo	8.30 %	up 1.76 %	8.69 %	up 1.89 %
5-year ARM Jumbo	7.05 %	down 1.23 %	7.85 %	down 0.61 %

Factors Influencing Mortgage Rates

Mortgage rates are influenced by a complex interplay of economic factors, including:

• Inflation: Higher inflation generally leads to higher interest rates, as lenders demand a higher return to compensate for the declining value of money.
• Economic Growth: A strong economy can lead to higher rates, as increased demand for borrowing drives up prices.
• Federal Reserve Policy: The Federal Reserve (the Fed) influences interest rates through its monetary policy decisions, such as adjusting the federal funds rate.
• Global Events: Economic and political events around the world can impact mortgage rates.
• The Bond Market: Mortgage rates are often tied to the yield on 10-year Treasury bonds.

Tips for Getting the Best Mortgage Rate

• Improve Your Credit Score: A higher credit score demonstrates to lenders that you're a responsible borrower. Pay your bills on time, reduce your debt, and correct any errors on your credit report.
• Save for a Larger Down Payment: A larger down payment reduces the amount you need to borrow, which can lead to a lower interest rate. It also shows lenders that you have more “skin in the game”.
• Shop Around and Compare Offers: Don't settle for the first rate you're offered. Get quotes from multiple lenders to see who can give you the best deal.
• Consider a Shorter Loan Term: Although the monthly payments will be higher, a 15-year fixed-rate mortgage will save you a significant amount of money on interest over the life of the loan.
• Get Pre-Approved: Getting pre-approved for a mortgage gives you a better idea of how much you can afford and strengthens your position when making an offer on a home.

The California Housing Market: A Unique Landscape

California's housing market is known for its high home prices and competitive bidding. This makes it even more important to be prepared and informed when applying for a mortgage. Understanding the local market trends in your specific area can also give you an edge.

The Bottom Line

As of April 24, 2025, mortgage rates in California are trending upward. The average 30-year fixed rate is 7.06%. However, rates can vary based on your financial profile and the type of loan you choose. It's essential to shop around, compare offers, and work with a reputable lender to find the best mortgage for your needs. By doing your homework and staying informed, you can navigate the California housing market with confidence.