California Refinance Rates
California Refinance Rates
by Secure Funding Group
About a 6 min read
*Average Rate calculated for a $591,000 loan with 20% down payment
- 30 Year Fixed 3.98% 96.02%
- 15 Year Fixed 3.47% 96%
- 5/1 ARM 3.59% 94%
Current California Mortgage Rates
California refinance rates move up and down weekly, which can make it tricky to know when it’s the right time to lock in a quote. Below, we’ve provided in-depth analysis and information on how California’s interest rates shift across different markets and lenders.
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How Much Do California Refinance Rates Vary?
Refinance rates in California can vary by as much as 1.25% or 125 BPS, or basis points. Across our lender sample of, the lowest rate for a 30-year fixed loan was 3.38%, and the highest was 5.13%. To understand what this means for you, we calculated the difference in monthly mortgage payment costs between a loan taken at each of these rates.
Using the San Diego median home price of $591,000 in the metro area, we found the difference between the state’s lowest and highest 30-year mortgage rates to be nearly $125,000. Meaning $125,000 in interest you will pay over the life of the loan. Each month, your loan payment at the highest California refinance rate would be $347 more than the cost at the lowest rate. The quotes you get will vary, but our example shows how much you could save by working with Secure Funding Group. As mortgage brokers, we are not tied to any bank and will help you shop multiple lenders in California for your refinance rates. Contact SFG today or call us now! SFG Home Loans Made Easy.
Comparing Refi Rates by Bank in California
Our survey of more than a dozen lenders for California refinance rates in also took into account California refi rates offered by major banks. This graph shows the rate variation among some of California’s most prominent commercial banks.
- Bank Of America 4.50% 90%
- Cathay Bank 3.88% 78%
- Chase Bank 5.00% 100%
- Citibank 4.63% 93%
- Wells Fargo 4.88% 98%
- US Bank 4.88% 98%
While these rates change from day to day, it’s clear from the chart that there’s a decent amount of variation from one bank to another. But more importantly, it should hammer home the point that it is to your advantage to shop around. Let the professional mortgage brokers at SFG do that for you. Secure Funding Group will work hard to get you great California refinance rates. Contact SFG today or call us now!
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Types of Home Loans California
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California Refinance Rates
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Buying A House In California
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CA First Time Home Buyer
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Our Professionally Prepared & Personalized Options For Home Loans Give You The Big Business Feel Without Big Business Fees!
Are Refi Rates Rising in California?
For 2019, refinance rates in California, and the rest of the country may not rise as much as we had previously heard. The Fed’s Open Market Committee (FOMC) recently announced that it would and adopt a “wait-and-see” approach to future rate hikes. Based on the data, this may indicate a California refinance rates hike slowdown from the jumps we experienced in 2018.
The target federal funds rate (currently set at 2.25%-2.50%) represents the cost that banks pay to borrow money for operations. Because the federal funds rate affects the interest rates offered by banks on both loans and deposits, we interpret the FOMC’s announcements as indicators of future rate trends. Interest rates tend to follow the direction of Fed Fund rates. However, overall demand for loans, credit considerations, and expenses created by the loan origination process cause some deviation between Fed Fund and California refinance rates.
For California homeowners looking to refinance, the news of potentially stabilizing rates creates a little breathing room. In times of rising rates, it may make sense to rush and secure financing with any old lender before California refinance rates get too high. But with the Fed’s announcement that it will monitor the market before considering refi rate hikes, you can breathe easy. Knowing that California refi rates won’t unexpectedly spike, take your time and let the professionals at Secure Funding Group guide you.
For California homeowners looking to refinance, the news of potentially stabilizing rates creates a little breathing room. In times of rising rates, it may make sense to rush and secure financing with any old lender before California refinance rates get too high. But with the Fed’s announcement that it will monitor the market before considering refi rate hikes, you can breathe easy. Knowing that California refi rates won’t unexpectedly spike, take your time and let the professionals at Secure Funding Group guide you.
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Comparing Refinance Rates In Different Cities in California
We also took a look at the differences in refinance rates among California’s many metropolitan areas. As an example, interest rate quotes differ significantly based on whether you refinance in San Diego as opposed to Orange County. If you’re thinking about moving to another city, the table below shows average refi rates in California’s most significant metro areas.
Monthly Payments includes principal and interest for a 30-year fixed rate refinance.
As the table shows, refinance rates in California’s most significant cities usually fall within a few basis points (BPS) of one another. The purchase price versus the current value of your home is a far bigger factor in determining future interest costs. However, the type of refinance you want for your mortgage changes how much interest you pay.
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Types of Home Loans California
Click To Learn More
California Refinance Rates
Click To Learn More
Buying A House In California
Click To Learn More
CA First Time Home Buyer
Click To Learn More
Our Professionally Prepared & Personalized Options For Home Loans Give You The Big Business Feel Without Big Business Fees!
Types of Refinancing Loans
Following is an overview of the different types of refinacing available to California homeowners. For a more extensive look, read this article.
Rate-and-Term Refinance Loans
Rate-and-term refinance loans are the most popular types of refinance loan. They are used to pay off your original mortgage, which is then replaced by the new loan.
Adjustable-Rate Refinance Mortgage Loans
Adjustable-rate refinance loans have a fixed interest rate for between five and seven years. After the 5-7 year period, the interest rate adjusts based on market conditions. ARM refinancing often includes an interest rate cap, which limits how high your interest rate can increase. Adjustable-rate loans give you flexibility, which is excellent if you are planning to refinance again in a few years.
Cash-In Refinance Loans
Basically the opposite of cash out refinancing, with a cash-in refinance loan, you pay cash to lower your mortgage balance and future interest payments. Using a cash-in refinance loan improves your loan-to-value ratio making it easier for future loan approval. A Cash-in refinance loan will allow you to reach the 20% home equity threshold, saving you thousands of dollars on insurance payments.
HELOC
HELOC is an acronym for home equity line of credit, or simply “home equity line.” It gives the homeowner access to a line of credit for a maximum draw, instead of a fixed dollar amount. Usually a HELOC is a second mortgage, but more and more, they are being used as first mortgages. This can save you money in the short run but carries risks. Read more about HELOC’s here.
Home Equity Loan
HELOC is an acronym for home equity line of credit, or simply “home equity line.” It gives the homeowner access to a line of credit for a maximum draw, instead of a fixed dollar amount. Usually a HELOC is a second mortgage, but more and more, they are being used as first mortgages. This can save you money in the short run but carries risks. Read more about HELOC’s here.
FMERR
HELOC is an acronym for home equity line of credit, or simply “home equity line.” It gives the homeowner access to a line of credit for a maximum draw, instead of a fixed dollar amount. Usually a HELOC is a second mortgage, but more and more, they are being used as first mortgages. This can save you money in the short run but carries risks. Read more about HELOC’s here.
HLRO
HELOC is an acronym for home equity line of credit, or simply “home equity line.” It gives the homeowner access to a line of credit for a maximum draw, instead of a fixed dollar amount. Usually a HELOC is a second mortgage, but more and more, they are being used as first mortgages. This can save you money in the short run but carries risks. Read more about HELOC’s here.
Fixed-Rate Refinance Mortgage Loans
Fixed-rate mortgage loans protect you from increasing interest rates. This type of refinancing sets your monthly mortgage payment during the loan period. Your monthly principal and interest payments are usually higher than long-term loans.
Cash-Out Refinance Loans
Cash-out refinance loans work best if you need some liquid cash for remodeling or other expenses. You must have equity, meaning your home must be worth more than you originally paid for it. Cash out refinancing works by first paying off your existing mortgage and allowing you to keep the cash difference of the two mortgages.
Home Affordable Refinance Program (HARP)
HARP loans assist low income homeowners in refinancing. HARP refinance loans are sponsored by the US Department of Housing and Urban Development (HUD). There are requirements for HARP eligibility. If you do qualify, the program allows you to refinance up to 125% of the value of their home. Read more about Harp here.
FHA streamline refinance
A second mortgage allows you to borrow against your home equity in order to pay off credit card or tuition debts, complete home improvement projects, medical expenses, or make a large purchase. A second mortgage is secured by your home. Second mortgages are most commonly HELOC’s or Home Equity Loans. You can read about the difference between the two here or read What is a Second Mortgage?
VA streamline refinance
A second mortgage allows you to borrow against your home equity in order to pay off credit card or tuition debts, complete home improvement projects, medical expenses, or make a large purchase. A second mortgage is secured by your home. Second mortgages are most commonly HELOC’s or Home Equity Loans. You can read about the difference between the two here or read What is a Second Mortgage?
USDA Streamline
A second mortgage allows you to borrow against your home equity in order to pay off credit card or tuition debts, complete home improvement projects, medical expenses, or make a large purchase. A second mortgage is secured by your home. Second mortgages are most commonly HELOC’s or Home Equity Loans. You can read about the difference between the two here or read What is a Second Mortgage?
Second Mortgage
A second mortgage allows you to borrow against your home equity in order to pay off credit card or tuition debts, complete home improvement projects, medical expenses, or make a large purchase. A second mortgage is secured by your home. Second mortgages are most commonly HELOC’s or Home Equity Loans. You can read about the difference between the two here or read What is a Second Mortgage?
Reasons To Refinance
Regardless of current California refinance rates, there are many reasons to refinance now. Reasons to refinance your home in California typically differ from one homeowner to another. Some Californians look to refinance to obtain a lower mortgage rate. Some homeowners want to refinance their current mortgage to get cash out to make home improvements. Others refinance so they can change the length of their mortgage from a 30 year fixed to a 15 year fixed rate mortgage. Read the entire reasons to refinance article here.
Other California Refi Topics
Refinance With A Broker Or A Bank? We stay on top of refinance rates in California and work to get you the best interest rates when refinancing your home in. Let our reputation and experience save you thousands of dollars on your California refi. Read more.
When Not To Do A Refinance:Â When should a California homeowner not refi? If you’re moving soon, in the middle of a remodel, or close to paying off your mortgage; these are bad times or reasons to refinance. Read more.
California Refinance Rates Resources:Â Here we provide information and links to current California refinance rates, and general homeowner news. Current mortgage rates are generally updated daily. Contact a Secure Funding Group Loan Officer directly through our website or call 1-619-946-7333.
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