Weekly California Mortgage Rate From Lending Tree

According to the Lending Tree’s “weekly mortgage rate pulse,” the lowest 30-year fixed mortgage rate available within the LendingTree network of lenders in California stands at 4.75% (4.88% APR).

This rate is among the highest in the nation, however, many states share the same high rate. Averages across the board for the lender average are as follows:  5.05 percent (5.33% APR) for 30-year fixed mortgages, 4.29 percent (4.75% APR) for 15-year fixed mortgages and 3.72 percent (3.99% APR) for 5/1 adjustable rate mortgages (ARM).

Cameron Findlay, LendingTree chief economist, said in a press release: “By late April, federal banking agencies will define what is considered a Qualified Residential Mortgage. A defined mortgage will be set by parameters like the borrower’s loan-to-value ratio, debt-to-income ratio and FICO score. Basically what this means to borrowers is that any loan that falls outside the new QRM parameters will incur a large premium.  This has the potential to equate to higher costs for thousands of borrowers. For consumers thinking about purchasing or refinancing, time is of the essence.”

Every lender has a differing rate, so it’s best to check with one of the hundreds of lenders in the state before you make a decision.