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Current Mortgage Rates

California mortgage rates are currently at a very low level. Unbelievably enough, the interest rate on an adjustable rate mortgage is under 2%! However, many adjustable rate mortgage reset after a period of three to five years. When these loans re-set, they do so at current market levels. If you qualify for your dream home by taking out an adjustable rate mortgage, you need to be very careful about the terms of the mortgage loan. It is also important to determine if you are staying in the house for many years to come, or if you only plan on only living in the home you are purchasing for a couple of years. These factors will determine the advisability of obtaining an adjustable rate mortgage.

One way to obtain some of the lowest California mortgage rates on the market today is to take out an adjustable rate mortgage. Securing a mortgage loan with an interest rate of 2% or less may allow you to purchase the home of you dreams that you otherwise could not afford. Many of the urban and coastal residential areas in California are very expensive markets in which to buy a home. In fact, many of these areas will necessitate a jumbo loan over $419,000 in order to buy a modest single family home.

If the home you have chosen is on the upper end of your budget, taking out an adjustable rate mortgage may lower your monthly payment enough to where you can afford the mortgage payments comfortably. The low mortgage interest rates on these loans will help you to qualify for a much larger mortgage than you would be able to secure if the mortgage note was fixed over thirty years. However, it is critical when you are researching low mortgage interest rates to find a loan package that has terms that you can manage in the long run.

Very low California mortgage rates do come at a cost. The lowest interest rates are usually available as adjustable rate mortgages. For example, if the fixed period of a mortgage loan is five years and then it is due to reset, you must be able to afford the payments when the loan resets after five years, or be sure that you will be selling the property before that time. Taking out an adjustable rate mortgage rate is a bit of a gamble. If you are sure you will only be in the home short-term, or if you know that you will be selling the home before the loan resets, an adjustable rate mortgage may enable you to purchase the California home of your dreams.

4.25% 30 Year Fixed Rate
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