What is the current mortgage refinance rate in California?

The average 30-year mortgage rate in California is currently around 6.76%. Refinance rates typically run 0.1%–0.2% higher than purchase rates. Actual rates depend on your credit score, LTV, and lender. On the California median loan of $618,988, that is a monthly payment of $4,019.

How much can I save refinancing in California?

Dropping 1% on a $618,988 loan in California saves $403/month. Closing costs of about $15,475 (2.5% of loan) means you break even in 39 months. Over 30 years, you save $129,490 in total interest.

When does refinancing make sense in California?

Refinancing makes sense in California when you can lower your rate by at least 0.75%–1%, you plan to stay in the home past the break-even date (typically 39 months for a 1% rate drop), and your remaining loan balance justifies the closing costs. Property taxes in California average 0.7% of assessed value — factor that into the total housing cost calculation.

Not Financial Advice. CalcMoney provides calculators for educational and planning purposes only. Results are estimates and do not constitute financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Terms apply.

CALCMONEY // MORTGAGE REFINANCE // CA

California Mortgage Refinance 2026

California average rate: 6.76%. On the median loan of $618,988, a 1% rate drop saves $403/month and breaks even in 39 months.

Calculate Your Refinance

Avg 30yr Rate

6.76%

Median Home Price

$773,735

Monthly Payment (80% LTV)

$4,019

Estimated Closing Costs

$15,475

Refinance Scenarios for California Homeowners

BASED ON CA MEDIAN LOAN: $618,988 — CLOSING COSTS: $15,475

New Rate	New Monthly	Monthly Savings	Break-Even	30yr Savings
6.26% (save 0.5%)	$3,815	$204/mo	6yr 5mo	$57,827
5.76% (save 1.0%)	$3,616	$403/mo	3yr 3mo	$129,490
5.26% (save 1.5%)	$3,422	$597/mo	2yr 2mo	$199,427

Refinancing in California: Key Factors

CA MARKET CONTEXT

The median home price in California is $773,735. At 80% LTV, the typical loan is $618,988 at the current 6.76% average rate, producing a monthly P+I payment of $4,019. Total interest over 30 years at this rate: $827,802.

Property taxes in California average 0.7% of assessed value, or $5,416 per year on the median home. This adds $451/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.

California residents can deduct mortgage interest on state income tax returns for primary residences, subject to state-specific limits. The federal mortgage interest deduction applies on loans up to $750,000.

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