Compare today’s mortgage rates in Kern
Looking to compare purchase or refinance rate options in Bakersfield, Delano, Ridgecrest, Wasco, Arvin, Shafter, Tehachapi, Taft, McFarland, California City and other cities? Start by checking today’s mortgage rates. With a wide variety of loan options, you’ll find the monthly payment and terms to make your homebuying dreams a reality.
Get a quoteThese rates, APRs, monthly payments and points are current as of today and may change at any time. They assume you have a FICO® Score of 780+ and a specific down payment amount as noted below for each product. They also assume the loan is for a single-family home as your primary residence and you will purchase up to one mortgage discount point in exchange for a lower interest rate. Connect with a mortgage loan officer to learn more about mortgage points.
Purchase rates
Conventional Fixed Rate Loans
Conventional fixed-rate loans in the USA offer stable monthly payments with a constant interest rate over 15, 20, or 30 years. Borrowers typically need a down payment of 3-20% and may pay for private mortgage insurance. Credit score, closing costs, and property appraisal are key factors in securing these mortgages.
Conforming Adjustable Rate Mortgage (ARM) Loans
Adjustable rate loans feature fluctuating interest rates, initially lower than fixed rates. Borrowers benefit from lower initial payments but risk increases if rates rise, making them suitable for those comfortable with potential payment fluctuations.
Federal Housing Administration (FHA) Loans
FHA loans, backed by the Federal Housing Administration, offer low down payments (typically 3.5%) and are accessible to borrowers with lower credit scores. They require mortgage insurance premiums, providing options for those with less established credit.
Veteran Affairs (VA) Loans
VA loans, guaranteed by the Department of Veterans Affairs, provide benefits like no down payment and relaxed credit requirements to eligible service members, veterans, and their families. They offer competitive rates and exclude the need for mortgage insurance.
Jumbo Loans
Jumbo loans exceed conventional limits, suitable for high-cost properties. They often require larger down payments, have stricter credit requirements, and may carry higher interest rates due to non-conforming nature, ideal for buyers in high-value markets.
Take your first step towards your home loan journey
Refinance rates
Conventional Fixed rate loans
Conventional fixed-rate loans in the USA offer stable monthly payments with a constant interest rate over 15, 20, or 30 years. Borrowers typically need equity of 20% to avoid paying for private mortgage insurance. Credit score, closing costs, and property appraisal are key factors in securing these mortgages.
Conforming Adjustable Rate Mortgage (ARM) Loans
Adjustable rate loans feature fluctuating interest rates, initially lower than fixed rates. Borrowers benefit from lower initial payments but risk increases if rates rise, making them suitable for those comfortable with potential payment fluctuations.
Federal Housing Administration (FHA) Loans
FHA loans, backed by the Federal Housing Administration, offer low down payments (typically 3.5%) and are accessible to borrowers with lower credit scores. They require mortgage insurance premiums, providing options for those with less established credit.
Veteran Affairs (VA) Loans
VA loans, guaranteed by the Department of Veterans Affairs, provide benefits like no down payment and relaxed credit requirements to eligible service members, veterans, and their families. They offer competitive rates and exclude the need for mortgage insurance.
Jumbo Loans
Jumbo loans exceed conventional limits, suitable for high-cost properties. They often require larger down payments, have stricter credit requirements, and may carry higher interest rates due to non-conforming nature, ideal for buyers in high-value markets.
Frequently asked questions about mortgage rates
What is a good interest rate on a mortgage?
When shopping around for mortgage rates, consider not only the interest rate, but also the other terms of the loan, like annual percentage rates (APRs), fees and closing costs. Comparing loan details from multiple lenders will help you determine the best deal for your situation.
Should I lock my rate today?
Mortgage rates change often and can be unpredictable. You may want to consider locking your mortgage rate if:
Rates are rising: If rates are trending upward for several weeks or months, locking your rate will ensure it doesn’t rise further than the rate you qualified for.
The Federal Reserve is meeting: A Federal Reserve meeting could mean an increase in rates. You may want to consider locking your rate before that meeting occurs in case of a potential rate increase.
You want financial certainty: A locked rate will ensure you don’t encounter unexpected changes to your estimated monthly mortgage payment.
Your closing date is set: Locking your rate is a smart move if your closing date is set and you don’t anticipate any delays.
How long can you lock in a mortgage rate?
The exact lock period may vary, but typically you can lock in a mortgage rate for 30 to 60 days. If the rate lock expires, you’re no longer guaranteed the locked-in rate unless the lender agrees to extend it. It’s possible for your initial rate lock to be voided if things like your credit score, loan amount, debt-to-income ratio or appraisal value change during the lock period.
Can you negotiate mortgage rates?
Depending on your credit qualifications and if you’re willing to get quotes from multiple lenders, you may be able to negotiate for a lower mortgage rate. Buying mortgage points is another way to get a lower rate if your lender provides this option. You may be able to pay a percentage of the interest up front to lower your interest rate and monthly payment. A mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
How are mortgage rates determined?
Lenders set the interest rates for their own loan products based on influence from the Federal Reserve, the economy and consumer demand. If the Federal Reserve raises or lowers the short-term rates to guide the economy, lenders may adjust their mortgage rates as well. Individual circumstances like credit score, down payment and income, as well as varying levels of risk and operational expenses for lenders, can also affect mortgage rates.
How often do mortgage rates change?
Mortgage rates can fluctuate daily. There are several factors that can influence interest rates, like inflation, the bond market and the overall housing market.