California Mortgage Rates Remain Stable

Fluctuations Expected in Coming Months

Market Experts Advise Homebuyers to Lock in Rates

According to the latest data from SmartAssets, California's mortgage rates have remained relatively stable in recent weeks, with a 30-year fixed-rate mortgage averaging 6.312%, a 15-year fixed-rate mortgage averaging 5.433%, and a 5/1 adjustable-rate mortgage averaging 7.489%. These rates are comparable to national averages and have been hovering around these levels for the past few months.

However, market experts predict that these rates may fluctuate in the coming months due to several economic factors, including inflation, the Federal Reserve's interest rate hikes, and geopolitical uncertainty. As a result, prospective homebuyers are advised to lock in their interest rates sooner rather than later to avoid paying higher mortgage payments in the future.