Elk Grove, nestled in the heart of California, is also renowned for its family-friendly environment and strong educational system. This place is increasing in the number of people who call it home. As we know, location plays a crucial role in the home buying process, but when it comes to Elk Grove, you need not worry about a thing. Whether you’re a first-time buyer or a seasoned one, understanding the current mortgage rate is crucial because it impacts your budget. Staying up to date will help you get the best home-buying deals.
In this Guide, Reliance Financial will walk you through the real estate market trends & current mortgage rates in Elk Grove, CA. If you are also planning to purchase a Home, keep reading. This information could help you buy your dream home while staying within budget. Stay connected.
Why live in Elk Grove, CA?
Elk Grove is a fast-growing city converted from a small agricultural town into a most attractive suburb of the Sacramento region. This location is especially known for its family-friendly community, safe environment, & Balanced lifestyle. With natural gems like Stone Lake Refuge, Elk Grove is standing out for homebuyers. Elk Grove is grabbing the attention not only of homebuyers but also of tourists & visitors. There are multiple places with live music, adventure activities and many more that attract people toward them. With the mix of multiple cultures, this place is the best choice for homeowners. Here’s what makes it special for living.
- Clean and Quiet Environment
- Diverse housing options
- Excellent schools
- Close Proximity to Sacramento
- Abundant Retail Centers
- Expansive Trail system
- Business-friendly Policies
- Local Job Opportunity
Rising Trend of Housing & Real Estate in Elk Grove, CA
The housing market in Elk Grove has become extremely competitive in recent years, especially among families. In Elk Grove, homes are selling in just 18 days with an average of 3 offers. According to Zillow data, the current market value of homes in Elk Grove is 662,539, increasing by 0.3% from last year. As per the rental market data from April 2025, the average rate of rent in Elk Grove is $2,666. In Elk Grove, you get single-family & larger homes, which makes it more suitable for homeowners.
Current Mortgage Rates in Elk Grove
Updated current mortgage rate always helps in purchasing the house in the budget & promotes savings. In this guide, we are providing the current mortgage rate of April 10, 2025 from the trusted information sources like Realtor & Zillow.
30-Year Mortgage Rate: According to Realtor, the current mortgage rate for a 30-year loan is 6.90% on 10 June 2025, increasing from 6.82% on June 7 2025.
15-Year Fixed Mortgage Rate: The current mortgage rate for 15 years is 5.91% on June 10, which increases 7 points from 5.85% on June 8.
5-Year ARM: For a 5-year ARM loan, the mortgage rate is 6.82%, which increases from 16 points, 6.66% on 7 June.
Exclusive Ways to Determine the Best Mortgage Loan in Elk Grove
Asses your Financial Health
Start by evaluating your financial situation, like how much you can comfortably pay each month. By reviewing your monthly expenses & income, you can easily know which mortgage rate is beneficial for you. Credit score also impacts the interest rate, as a credit score above 700 gets the best deals. In this, always ensure to keep your debt-to-income ratio below 43%, which also helps you to get the best mortgage loan.
Understand Mortgage Type
Understanding the mortgage type is necessary before selecting it. In Elk Grove, you will get the following mortgage types:
- Fixed-Rate Mortgage
In a fixed-rate mortgage, the interest rate stays the same throughout the loan. This is suitable for a 15 or 20-year mortgage loan. If you want to buy a home for the long term, then you can choose a fixed-rate mortgage. Whether changing in mortgage rate every week or month, there will be no change in the interest rate.
- Adjustable Rate Mortgage
Adjustable-rate mortgages are generally in 5-year loan plans. In this, the interest rate changes after every few years. This mortgage rate is good for those who want to refinance the house after a few years & also want to resell or rent the house.
- FHA, VA, & USDA Loan
FHA, VA & USDA are government-backed loans designed to help individuals with lower down payments & Lower credit scores. If your credit score is low, first time buyer or home with low savings, then you can get these loans backed by the government. Multiple local lenders offer the government-backed loans.
Understand All Costs & Fees
While choosing the mortgage loan, you should consider all costs & fees because only the loan payment is not enough. You have to pay ongoing fees that should be cleared before financing. Here are some major costs & fees that you should know:
- Interest rate
- Origination fees
- Processing fees
- Appraisal fee
- Home inspections, etc.
- Title Insurance & Closing Costs
- Private Mortgage Insurance (PMI)
Shop Around & Compare
Take time to research and compare the loans. After comparing, look for a reputable lender that provides competitive interest, favourable terms & good customer service. Before selecting, always consult with mortgage professionals who provide you best advice.
Consider your future Plans
Before determining the mortgage loans in Elk Grove, always consider your future goal. Your long-term and short-term plans can significantly influence which type of mortgage is best for you.
- Long-term plans: If you have long-term plans to live in the house, then you should consider 30-year or 15 year mortgage rate with a longer term. It will be beneficial for you.
- Short-term Plans: If you are planning to resale or refinance in a few years then you should go for 5-year or 1 year plans with lower upfront costs.
Conclusion
We have discussed the current mortgage rate in Elk Grove and key factors to consider when choosing the right loan. If you’re planning to buy a home within a budget, staying informed about mortgage rate trends is essential.
When rates drop, it’s a great opportunity to lock in a lower rate, especially for long-term homeowners. With a fixed-rate mortgage, your interest stays the same even if market rates rise in the future, offering financial stability and long-term savings.
FAQ for Current Mortgage Rates in Elk Grove
Q. What factors affect the mortgage rate in Elk Grove?
Answer: Multiple factors affect the mortgage rate in Elk Grove, let’s see:
- Credit score
- Loan Amount
- Down payment
- Lender
- Market Condition
Q. How many times can we refinance the home, & Its benefits?
Answer: There is no official limit to refinancing a home. But it is recommended to refinance after every one or two years to get the advantage of potential rate changes or favourable terms. With refinancing, you can lead to saving & reduce monthly payments.
Q. What are the major programs for first-time buyers in Elk Grove?
Answer: Here are some major programs associated with first-time buyers in Elk Grove:
- CalHFA loans
- Down payment Assistance programs
- FHA/VA loans
Q. How often do mortgage rates change?
Answer: Generally, Mortgage rates change on a daily basis depending on market conditions such as economic news, inflation, & Federal Reserve policy.
