What is the average mortgage rate in California in 2026?

The average 30-year fixed mortgage rate in California is approximately 6.75% as of 2026, close to the national average of 6.8%. Rates vary by lender, credit score, and loan type.

What is the average monthly mortgage payment in California?

For a $760,000 home with 20% down in California, the estimated PITI (principal, interest, taxes, and insurance) is approximately $4,518/month at 6.75%.

Do I need PMI in California?

Yes — if your down payment is less than 20%, lenders in California require Private Mortgage Insurance (PMI). This typically adds 0.5–1% of the loan amount per year to your payment. PMI is removed once you reach 20% equity.

What is the average home price in California?

The median home price in California is approximately $760,000 in 2026, based on recent market data. Prices vary significantly by city and county.

What is the property tax rate in California?

California's effective property tax rate is approximately 0.71%, which translates to roughly $5,396 per year on a $760,000 home.

California Mortgage Calculator 2026

Estimate your full monthly mortgage payment in California — principal & interest, property taxes, homeowner insurance, and PMI if applicable. Uses the 6.75% average 2026 rate and California-specific costs. Calculated privately in your browser.

Home Price ($)

Down Payment (%)

Interest Rate (%)

Loan Term

Property Tax Rate (%/yr)

Home Insurance ($/yr)

—

Total Monthly Payment (PITI)

Principal & Interest—

Monthly Property Tax—

Monthly Insurance—

Total Interest Paid—

Loan Payoff Date—

Loan Amount—

The California Mortgage Calculator estimates your complete monthly housing cost — principal, interest, property tax, insurance, and PMI — using real 2026 data for California. Enter any home price, down payment, and rate to get an instant PITI breakdown.

How California Mortgage Rates Compare in 2026

The average 30-year fixed mortgage rate in California is approximately 6.75% in 2026 — 0.05 percentage points below the 6.80% national average. Rates in California are influenced by local housing demand, median credit scores, and the share of conforming versus jumbo loans in the market.

On a $760,000 home with 20% down, a 6.75% rate produces a monthly principal and interest payment of approximately $3,943. A 0.25% rate increase adds roughly $76 to your monthly payment, so shopping multiple lenders can save thousands over the life of the loan.

Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk. Most California homebuyers choose 30-year fixed loans for payment predictability, especially with home prices currently at $760,000. FHA loans (3.5% down) and VA loans (0% down for veterans) are also popular in California.

Last updated: May 2026. Rates shown are estimates based on national Freddie Mac data adjusted for California market conditions.

California-Specific Closing Costs and Fees

Beyond your down payment, California homebuyers pay closing costs averaging 2–5% of the loan amount. On a $608,000 loan, that is approximately $12,160–$30,400 due at closing. Key fees include:

Origination fee: 0.5–1% of the loan amount for lender processing.
Title insurance: Protects against prior ownership claims. Required by most California lenders.
Appraisal: $400–$700 to confirm the home value matches the purchase price.
Prepaid property taxes: California lenders typically collect 2–3 months of property tax at closing into an escrow account. At 0.71%, that is approximately $1,349 upfront.
Homeowners insurance: First year premium (~$1,500) is usually paid at closing.
Transfer taxes: Vary by county in California — ask your agent for local rates.

Some of these costs are negotiable. Sellers sometimes cover a portion of buyer closing costs as a concession, particularly in slower California markets.

First-Time Buyer Programs in California

CalHFA first-time buyer programs, CalPLUS Conventional, and MyHome Assistance Program offer down payment help. These programs can reduce the cash needed to close by thousands of dollars, making homeownership more accessible in California's current market.

FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — ideal for first-time buyers in California who have limited savings. USDA loans offer 0% down for eligible rural properties in California. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.

If your down payment is below 20%, Private Mortgage Insurance (PMI) adds approximately $304/month to your payment at a 0.6% annual rate. PMI can be removed once your loan-to-value ratio reaches 80%, so making extra payments accelerates the timeline to dropping PMI.