Mortgage Calculator: How Much You Need To Buy a Home in California at a Rate of 6.91%

The average rate on a 30-year mortgage has risen to 6.91%. In California, the median home price is $715,000, requiring a 20% down payment of $143,000, resulting in monthly payments of $3,771. With a 10% down payment, the upfront cost is $71,500, leading to monthly payments of $4,242. These payments are lower than those at the recent peak of 7.79% in October 2023. Pre-approval for a mortgage is recommended to understand affordability and improve chances of securing favorable rates.