Current mortgage rates · week of July 9, 2026
| Week | 30-yr / 15-yr fixed |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
California Mortgage Overview
California is the Golden State — home to many of the country's largest cities, it has a diverse population and plenty of sunshine to go around.
The median home price in California is around $855,000, so it's not the least expensive place to live, but if it's within your budget, there are beautiful homes to purchase for families of all sizes.
If you're looking to borrow money for a California home, here are your options.
California conventional loans
Borrowers with great credit get the best terms with a conventional loan. You don't need perfect credit - usually around a 660, but your debts must be under control too. Show lenders, you're a good borrower and you'll snag the low rates available today.
California FHA loans
If you have less-than-perfect credit or your credit card debt is higher than conventional lenders like the FHA loan is a good option. With more flexible guidelines, you only need a 580 credit score and a 3.5 percent down payment. Some borrowers get a loan with as little as a 500 credit score, but a 10 percent down payment.
California VA loans
If you served our country, the VA has your back. You can get a loan with 100 percent financing (no down payment). As long as you prove you have enough money to cover your debts and living expenses, have 'decent' credit, and any discharge other than dishonorable, you're well on your way to buying your first home with a VA loan.
California USDA loans
If sunshine and low populated areas sound great to you, check out the California USDA loan. Borrowers with at least a 640 credit score and income that's less than 115% of the area's median income may be eligible for this no down payment program with low rates and closing costs.
First-Time Homebuyer Programs in California
The California Housing Agency helps first-time homebuyers with any credit score or qualifying factors secure financing. As long as you meet the income requirements, you may be eligible for the following:
- CalHFA FHA or CalPlus FHA Loan
- CalHFA VA Loan
- CalHFA USDA Loan
- CalHFA Conventional Loan or CalPlus Conventional Loan
Each is a 30-year fixed rate loan and can be combined with the MyHome Assistance Program which provides funds toward your down payment or closing costs usually at 0% interest. The loans are deferred until you sell or refinance the home.
The MyHome Assistance Program has a $10,000 cap and/or up to 3.5 percent of the sales price depending on the loan.
California mortgage FAQ
- What mortgage choices do California homebuyers have?
- California homebuyers can choose conventional loans, typically requiring around a 660 credit score and debts under control, FHA loans needing only a 580 score with 3.5 percent down or a 500 score with 10 percent down, VA loans offering 100 percent financing to those who served, and USDA loans with no down payment for buyers with a 640 score in less populated areas.
- How does California help first-time homebuyers?
- The state's housing agency offers CalHFA FHA, VA, USDA, and conventional loans, plus CalPlus versions, all as 30-year fixed-rate mortgages. Each can be combined with the MyHome Assistance Program, which lends money toward your down payment or closing costs, usually at zero percent interest with repayment deferred until you sell or refinance. MyHome provides up to 3.5 percent of the sales price depending on the loan.
- What credit score is needed for a mortgage in California?
- Conventional lenders in California generally look for a credit score around 660. FHA loans accept 580 with a 3.5 percent down payment, and some borrowers qualify with a score as low as 500 by putting 10 percent down. USDA loans require at least 640, while VA loans focus on decent credit plus enough income to cover your debts and living expenses.