Conventional loan rates move with the broader bond market day to day, but what you're actually quoted depends heavily on factors specific to your file and your property — not just the headline national average.
Why your quote may differ from the national average
Lenders build a rate from a base price and then layer on adjustments: your credit score tier, your loan-to-value ratio, whether the property is a condo or single-family home, and whether it's a primary residence or investment property. In high-cost California counties, a smaller down payment relative to a larger loan amount often adds a rate premium or extra mortgage insurance, even for borrowers with strong credit.
What actually moves the number
- Credit score tier — the gap between the top and bottom tier a lender offers is typically the single largest swing factor.
- Down payment size — crossing the 20% threshold removes private mortgage insurance entirely, which changes your effective monthly cost even if the rate itself barely moves.
- Loan amount relative to the conforming limit in your specific county, which varies within California and affects whether you're priced as conventional or jumbo.
This page is general information only, not a rate quote or financial advice. Confirm current pricing with a licensed California lender before making decisions.