Mortgage Rates in Santa Monica, California — March 2026
Updated March 2026 | Based on Santa Monica market data and regional lending conditions
Santa Monica is a growing city in California with a population of 93,076. The current 30-year fixed mortgage rate in Santa Monica is 6.75%, which is 0.1% above the national average. With a median home price of $798,000 and a 20% down payment of $159,600, homebuyers can expect a monthly principal and interest payment of approximately $4,141.
Current Mortgage Rates in Santa Monica, CA
Below are the current average mortgage rates available in the Santa Monica area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.75% | 6.65% | +0.1% |
| 15-Year Fixed | 5.99% | 5.89% | +0.1% |
| 5/1 ARM | 6.25% | 6.15% | +0.1% |
| FHA | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7% | 6.85% | +0.15% |
Santa Monica Housing Market Overview
The Santa Monica housing market is competitive with prices well above the national median. The median household income in Santa Monica is $82,000, and the cost of living index is 146.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $199,414 to comfortably afford the median-priced home in Santa Monica, which exceeds the current median household income.
Monthly Payment Breakdown for Santa Monica
Based on the median home price of $798,000 with 20% down ($159,600), here is what you can expect to pay monthly in Santa Monica:
15-Year vs. 30-Year Mortgage in Santa Monica
Choosing a 15-year mortgage in Santa Monica at 5.99% instead of a 30-year at 6.75% would save you $521,640 in total interest over the life of the loan. However, your monthly payment would be $5,384 instead of $4,141 — an increase of $1,243 per month.
Calculate Your Santa Monica Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Santa Monica
What are the current mortgage rates in Santa Monica, CA?
As of March 2026, the average 30-year fixed mortgage rate in Santa Monica, California is 6.75%, while the 15-year fixed rate is 5.99%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.1% above the national average of 6.65%.
How much is a monthly mortgage payment in Santa Monica?
Based on the median home price of $798,000 with 20% down, the estimated monthly mortgage payment in Santa Monica is $4,141 for principal and interest. Including property taxes of $512/month, the total monthly housing cost is approximately $4,653.
What income do I need to buy a home in Santa Monica?
Using the 28% rule, you would need an annual income of approximately $199,414 to afford the median-priced home in Santa Monica at $798,000. The median household income in Santa Monica is $82,000. This means most households would need to either earn above the median or consider homes below $798,000.
Is Santa Monica a good place to buy a home in 2026?
Santa Monica has a higher cost of living than average with a cost of living index of 146.2 (national average = 100). The property tax rate in California is 0.77%, which is below the national average. Santa Monica has a population of 93,076 and offers a balanced lifestyle.
Mortgage Rates in Other California Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Santa Monica, California area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.