San Diego County Mortgage Rates and Refinancing Options

San Diego County has a thriving real estate market, and understanding mortgage rates and refinancing options is crucial for both buyers and homeowners.

The average 30-year fixed mortgage rate in San Diego County is around 4%, which is slightly higher than the national average.

With a median home price of over $650,000, San Diego County residents can expect to pay around $3,000 per month in mortgage payments for a $700,000 home.

If you're a homeowner looking to refinance, you may be able to take advantage of lower interest rates and save hundreds of dollars per month on your mortgage payments.

For another approach, see: Average Refi Rates

Mortgage rates are hard to predict, but they tend to follow national trends, which have been falling in recent weeks.

The current consensus is for this trajectory to continue going into the fall and the end of 2024.

Lower mortgage rates can bring relief to the housing affordability problem, and in California, declining median home prices could bring additional relief. In July 2024, the median home price in California fell below $900,000 for the first time in four months.

Real estate is a hyper-local industry, and prices can vary significantly depending on the location. For example, in California, San Mateo's median sold price of $2.1 million is more than three times higher than Solano's $586,400 median price.

Curious to learn more? Check out: Mortgage Refinance Rates 2024

Over 12,000 mortgages were refinanced in California in June 2024, according to ATTOM Data Solutions. More than half of California properties are considered "equity-rich" as of the third quarter of 2024, making it a good time to consider refinancing.

The Home Affordable Refinance Program (HARP) no longer exists, but the primary alternative is the High Loan-to-Value Refinance Option from Fannie Mae. This program may be a good option for those who don't qualify for other refinance programs.

If you don't qualify for the High Loan-to-Value Refinance Option, you can shop around for a refinance mortgage from the lender who issued your original mortgage and compare refinance mortgage rates from other lenders as well.

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Refinancing your mortgage can be a smart financial move, especially if you've had your property in California for a long time. More than 12,000 mortgages were refinanced in California in June 2024, according to ATTOM Data Solutions.

If you recently bought a home with a mortgage rate of 7 or 8 percent, keep an eye on rates, as it might make sense to refinance if they drop enough in the near future. You can shop around for a refinance mortgage from the lender who issued your original mortgage and compare refinance mortgage rates from other lenders as well.

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California properties are considered “equity-rich” as of the third quarter of 2024, meaning you likely have much more tappable equity now, which can allow you to do a cash-out refinance to further your financial goals.

Refinance loans in California are non-recourse loans, unless you opt for a cash-out refinance to get cash out of your home equity for something like a vacation or to pay off debt.

If you don’t qualify for the High Loan-to-Value Refinance Option from Fannie Mae, you can explore other refinance options. The Home Affordable Refinance Program (HARP) no longer exists, but its primary alternative is the High Loan-to-Value Refinance Option from Fannie Mae.

Curious to learn more? Check out: 75 Loan to Value Mortgage Rates

The No Closing Costs option is a great choice for those looking to refinance without breaking the bank. This type of loan allows you to avoid paying closing costs, which can be a significant expense.

Your housing mortgage rate has a fixed initial period with the No Closing Costs Adjustable Rate Mortgage, providing stability and flexibility as a homeowner. This type of loan is perfect for first-time homeowners or current homeowners looking to refinance.

With a maximum adjustment of 2% and a maximum cap of 5% over the life of the loan, you can enjoy a lower interest rate without worrying about sudden changes.

Expand your knowledge: Mortgage Fha Rates Closing Costs Refinance

If you're looking to refinance your mortgage, you may be interested in low down payment options. California FHA loans, for example, are designed for low- to moderate-income borrowers with lower credit scores and are offered to first-time homebuyers or those who haven't purchased a home in the past two years.

FHA loans typically require a lower down payment, which can be as low as 3.5% of the home's purchase price. This can be a big help for those who may not have a lot of savings. You can find FHA-approved lenders in California and get started on the refinancing process.

Another option is a California VA loan, which is guaranteed by the Department of Veterans Affairs. These loans are offered to eligible veterans and active-duty service members and require no down payment. VA loan interest rates are typically lower than conventional mortgages, which can save you money in the long run.

Here's an interesting read: Federal Housing Administration Fha Loan

Here are some key differences between FHA and VA loans:

Keep in mind that both FHA and VA loans have their own set of requirements and benefits, so it's essential to research and compare them before making a decision.

To get the most competitive rate and mortgage terms, comparison-shopping for a mortgage is crucial. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan.

Before you start looking for a mortgage lender or applying for a loan, it's essential to determine the right type of mortgage for your finances and goals. This includes researching and deciding on the type of mortgage that might be best for you, given your short- and long-term goals.

Gathering necessary documentation is also crucial, as lenders need to verify your income, assets, debts, and employment to give you the most accurate quote.

To compare mortgage offers online, you can use Bankrate's mortgage rate table, which allows you to plug in general information about your finances and location to receive tailored offers.

When comparing mortgage offers, consider APRs, lender fees, and closing costs to ensure you're making accurate comparisons and maximizing your savings potential.

Here are some key mortgage options to consider:

Ultimately, the best mortgage for you will depend on your individual financial situation and goals. By doing your research and comparing offers, you can find the right mortgage solution that meets your needs and saves you money.

San Diego County Credit Union offers a range of mortgage types to suit your needs, including low fixed rate & adjustable rate mortgage home loans.

You can choose from a variety of fixed rate mortgage options, with a minimum home loan amount of $50,000.

With a fixed rate mortgage, you can enjoy peace of mind knowing that your monthly payment will remain the same for the life of the loan.

Fixed rate mortgage loans are a great option for those who want predictable monthly payments. You can lock in your interest rate for the life of the loan, which means your monthly payment will remain the same even if interest rates increase.

One of the benefits of fixed rate mortgages is that your monthly budgeting is easy and affordable. You'll always pay the same amount, which makes it easier to plan for your future.

The minimum home loan amount for a fixed rate mortgage is $50,000. This can be a good option for those who are purchasing a smaller home or are looking to refinance an existing mortgage.

You can choose from a variety of fixed rate mortgage options, including 10-year, 15-year, 20-year, and 30-year loans. This allows you to tailor your mortgage to your individual needs and financial situation.

Here are some specific examples of fixed rate mortgage loans:

These examples are based on a $420,000 loan amount and do not include taxes or insurance premiums. Keep in mind that rates and monthly payments may vary based on credit qualifications and other criteria.

Fixed & Adjustable Mortgages: What's the Difference?

Adjustable Rate Mortgages (ARMs) are a great option for homebuyers who plan to move or refinance soon. They offer a fixed initial period, followed by a variable interest rate.

The minimum home loan amount for an ARM is $50,000, making it a viable option for those with smaller budgets.

ARMs are best suited for homebuyers who want to afford more home than they would with a fixed rate mortgage.

Here are some key benefits of ARMs:

San Diego County Credit Union (SDCCU) offers low fixed and adjustable rate mortgage home loans, making them a trusted mortgage lender in California.

To learn more about ARMs and whether they're the right choice for you, check out the Adjustable Rate Mortgages Handbook.

Take a look at this: Are Adjustable Rate Mortgages Bad

San Diego County has its own set of special programs to help first-time homebuyers.

The CalHFA down payment assistance programs offer low- to moderate-income borrowers a chance to apply for small down payment and closing costs assistance loans.

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You can borrow up to 3.5 percent of the purchase price or appraised value through the MyHome Assistance program to cover closing costs and the down payment.

The California Dream For All Shared Appreciation Loan lends qualifying first-generation, first-time buyers up to 20 percent of the home’s purchase price.

CalHFA also offers low-interest rate FHA, VA and USDA loans, which come with their own benefits and qualifying criteria.

Here are some details on the CalHFA Loan Programs:

The CalFHA Forgivable Equity Builder Loan gives a first-time buyer up to 10 percent of the purchase price, which is forgiven if the borrower continuously occupies the home for five years.

Your credit score plays a huge role in determining the conventional mortgage rate you'll get. To get the best rate possible, review your credit history and scores.

Conventional loans have a higher credit minimum compared to other mortgage types, so if your credit needs work, now's the time to address it.

Understanding your budget is key to getting the best mortgage rate. A lender might offer you a certain loan amount, but that doesn't mean you have to spend it.

To get accurate loan pricing for your specific situation, you'll need to get a mortgage preapproval. This will also come in handy when you're ready to make offers on homes.

Here are some steps to get started:

From a national perspective, mortgage rates can vary depending on the loan type and lender. For example, a 30-year fixed rate mortgage had an interest rate of 6.99% and an APR of 7.03% as of January 3, 2025.

Bankrate's rates are calculated from two surveys: one daily and one weekly. The daily survey, also known as the "overnight averages", is based on no existing relationship or automatic payments. This means that borrowers can expect to pay a certain interest rate and APR based on these calculations.

Here are some national mortgage rates by loan type as of January 3, 2025:

Historical mortgage rates in California have been relatively low compared to the rest of the country. The median home value in California is a staggering $648,100, according to the U.S. Census Bureau.

California's loan funding rate is 58.53%, which is a significant percentage of the state's homeownership rate of 54.2%. This means that nearly six out of every ten homeowners in California have a mortgage.

The median monthly homeownership costs in California are $2,548, which is a substantial amount, but not out of reach for many homeowners. In fact, California mortgage rates are traditionally fairly close to or below rates across the rest of the country.

Here's a snapshot of California's historic mortgage rates compared to the U.S. rate over the years:

San Diego's weather is typically mild, with temperatures ranging from 48°F to 78°F throughout the year. The city's coastal location and proximity to the Pacific Ocean help regulate its temperature.

In San Diego, the average temperature in the summer months is around 72°F, while in the winter months it's around 58°F. This consistent temperature makes it an ideal location for people who enjoy outdoor activities.

The 30-year fixed-rate mortgage rate in San Diego is currently 6.925%, which is a relatively stable rate. This stability can provide homeowners with peace of mind when it comes to their mortgage payments.

Here's a comparison of San Diego's weather to other cities with similar mortgage rates:

San Diego's weather is also influenced by its proximity to the ocean, which helps regulate its humidity levels. The city's average humidity is around 64%, which is relatively mild compared to other parts of the country.

The national mortgage rates are a key factor in determining how much house you can afford. Rates can vary significantly depending on the type of loan and lender. Bankrate displays two sets of rate averages, one daily and one weekly, to help readers make informed decisions.

Additional reading: Mortgage One Rates

The interest rates for 30-year fixed rate mortgages have been steadily increasing, with rates ranging from 6.50% to 7.10% as of January 2025. APRs have also increased, ranging from 6.55% to 7.15%.

Here's a breakdown of the national mortgage rates by loan type:

Bankrate's goal is to provide readers with accurate and unbiased information to help them navigate life's financial journey. We maintain a clear separation between our advertisers and editorial coverage to ensure that our information remains trustworthy.

California's housing market is a tale of two extremes - affordability and appreciation. The median single-family home sales price in California is a staggering $886,560 as of July 2024.

Homeownership rates in California are still relatively high, with 55.8% of residents owning their homes as of Q4 2023. This is a significant percentage, but it's worth noting that the median down payment required is a substantial $164,000, as of June 2024.

The median condo/townhome sales price in California is $680,000, also as of July 2024. This is significantly lower than the median single-family home sales price, but still a substantial amount.

Here's a breakdown of some key statistics:

The total number of home sales in California increased by 4.1% year-over-year (YoY) in July 2024, which is a positive sign for the market. However, the median days on market for homes in California is still relatively high at 20 days, as of July 2024.

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