Current Mortgage Rates in California

In California, the real estate market is not very stable as it is an area prone to earthquakes. After every major earthquake, many people decide to sell their homes and move to safer locations across the country. However, buying a property at that point is still a risky proposition, as there is no guarantee that the market will improve after a decade. These fluctuations in the housing market closely affect mortgage rates. However, to obtain current mortgage rates in California, borrowers can request quotes from various sources, such as the Internet or a mortgage broker.

Mortgage rates depend on the term for which it is taken. Borrowers can choose between fifteen, twenty or thirty year mortgage terms. In some cases, the term can be extended up to fifty years. However, a term of fifteen years is the minimum that borrowers can opt for. The current housing and loan market also affects mortgage rates. The type of property being mortgaged, the number of occupants, and the property’s location further determine mortgage rates. It is possible to find a low interest California mortgage even if the market is strong for sellers as much depends on the area the home is located and the equity established by the owner.

There are a large number of online mortgage lenders in the state of California, making it possible for anyone to look up current mortgage rates. It is also possible for homebuyers with a bad credit score to apply for and obtain a home loan, as there are several lenders that specialize in bad credit mortgages. Mortgage lenders can be contacted using their advertised customer service number, by personally visiting their local branches, or by visiting their websites. It’s always a good idea to compare rates and review the terms set forth by the lender in detail.