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Modesto Mortgage Rates

Modesto Mortgage Rates

Modesto Mortgage Rates – The thriving city of Modesto is proud of its rich heritage, educational opportunities, and diverse life. Modesto enjoys warm weather all year long and some of the best soil on earth. Due to its advantageous Highway 99 location, Modesto is easily accessible from anywhere in the state of California. This post will discuss the advantages of moving to this gorgeous city as well as Modesto mortgage rates if you’re considering doing so.

Calculate Mortgage Interest Rates For Modesto Using Mortgage Calculator

Let’s Get To Know More About Modesto, CA

The city of Modesto is situated in central California. It’s a great place to work and live. Take advantage of lower living expenses, less traffic, and a slower but enjoyable tempo of life. Enjoy the vibrant local arts and entertainment scene.

The George Lucas Plaza in Modesto provides all the amenities and variety a large metropolis enjoys while still retaining a welcoming ambiance. The San Joaquin Valley, one of the largest agricultural regions in our country, is home to Modesto’s Downtown Farmer’s Market. Some of their top commodities are dairy goods, almonds, fruits, wine grapes, and poultry. Residents of Modesto have plenty of ways to spend their weekends: play a round of golf, have a picnic in one of the numerous parks, look around the antique stores, or go to a museum. There is always something to do in this exciting city.

Modesto is also the perfect place for a adventurous nature-lovers. Try river rafting in the Stanislaus River, rock climbing in Yosemite, or jet skiing and camping at any of the area’s stunning lakes if you’re feeling a little more daring.

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Reasons to Move in Modesto

  • High Quality of Life: With a score of 61/100, Modesto’s cost of living is 20% less than the average California city, its real estate prices are 49% lower than the California average, and a large agricultural industry.
  • Affordability: The cost of living is a key factor to take into account when deciding where to relocate. In comparison to most other cities in the state and the nation, Modesto has a cheaper cost of living. Housing, utilities, food, transportation, healthcare, and other products and services are often less expensive than they are on a state and federal level. However, it is important to note that certain regions may have greater expenses than others.
  • Accessible Amenities: Modesto has an A grade from AreaVibes for its amenities. This implies that the city is close to a number of amenities. Additionally, you can find neighborhood facilities like libraries, parks, stores, restaurants, coffee shops, etc. with ease. The abundance of amenities can tempt you to settle here because everything you need is close by and can be reached by short walks or drives.
  • Education: The public schools in Modesto are approximately average, according to Great Schools. There are numerous educational opportunities in the area for adults. The University of the Pacific in Stockton and the University of California, Merced are less than an hour drive away.
  • Weather: You can find warm winter with occasional rain and breezy nights in Modesto. While summer is hot and dry, spring is nice. Fall brings cooler weather and vibrant foliage to the city forest.
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Housing and Real Estate in Modesto

According to Redfin, the Modesto housing market is moderately competitive

  • Homes typically receive 1 bid and sell in 31 days.
  • The average sale price of a home last month was $410K, an increase of 0.0% from the previous year.
  • The average sale price per square foot is $277, an increase of 0.0% over the previous year.
  • Homes typically sell after 33 days on the market as opposed to 9 days the year before.
  • In November of this year, 155 properties were sold, compared to 235 in November of last year.

Between September and November of last year, 24% of Modesto homebuyers looked to leave the city, while 76% wanted to remain in the metropolitan area.

Let’s understand more about housing affordability in Modesto, California (Source: FREEandCLEAR).

  • Homes have a median value of  $438,368
  • To purchase a median-priced property in Modesto, you need to have an annual income of $71,825 based on current mortgage rates and a 10% down payment.
  • With this income, you could be able to get a mortgage for $394,531, if your monthly debt payment is manageable.
  • Based on this loan amount, the median-priced home in Modesto would demand a $1,663 monthly mortgage payment.
  • Modesto’s typical household income is $68,135
  • With this income, you can afford a house with a $415,847 estimated value.

Current Mortgage Rates in Modesto

The mortgage rates in Modesto, California as of Friday, January 27, 2023 are listed below. These rates could change depending on a variety of financing circumstances. Additionally, your credit history, the amount of the loan, and many other factors could affect the interest rate on your mortgage. Therefore, to select the ideal mortgage program for you, speak with a trustworthy mortgage lender or broker.

  • Modesto, California 30-year fixed mortgage rates stay unchanged at 5.91%.
  • The current 30-year fixed mortgage rate in California is 5.91%. California mortgage rates are currently 4 basis points higher than the national average rate of 5.87%.
  • The California mortgage interest rate for January 27, 2023 is up 4 basis points from last week’s average California rate of 5.87%.
  • Furthermore, the current average 15-year fixed mortgage rate in California has stayed consistent at 4.93%, while the current average 5-year ARM mortgage rate is 5.52%.
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It’s important to compare mortgage offers. Borrowers can save tens of thousands of dollars over the course of a loan by evaluating at least three offers. In today’s environment of fluctuating rates, Reliance Financial can aid you in locating the best mortgage deal.


Modesto, CA, is a fantastic place to live, works, and raise your family. In the end, there is no set standard for what makes a wonderful city to live in. Some individuals like a larger city with more alternatives, but others would want a smaller city with a tight-knit neighborhood. What counts is whether a city satisfies the wants and aspirations of its residents. A city can be a great place to live if it offers everything a person needs. As a result, Modesto might be the ideal location for you.

Contact Reliance Financial if you’re searching for a reputable mortgage provider in Modesto, California. We are dedicated to giving our clients the best home-buying experience imaginable. We have a group of knowledgeable loan originators who are committed to assisting you in locating the best loan for your requirements. To begin your journey toward homeownership, get in touch with us right away at sales@reliancefinancial.com.