Santa Monica Mortgage Rates 2025
Your guide to home loans in Santa Monica, California.
Santa Monica, California Mortgage Rates Today
Current Santa Monica mortgage rates for jumbo loans range from 6.65% to 7.70%. As a premier coastal city in Los Angeles County, almost all property financing requires a jumbo loan. Conventional loans are only viable for a small number of condos priced under the $1,149,825 county limit.
Quick Answer: Financing in Santa Monica is a jumbo loan market. Buyers must be prepared for the stringent requirements of loans exceeding $1.2M, including large down payments (20-25%), excellent credit, and significant post-closing assets.
Median Home Price
$1,950,000
Avg. Days on Market
55
1-Year Appreciation
+4.5%
Most Common Loan
Jumbo
Current Santa Monica Mortgage Rates by Loan Type
Average Santa Monica Rates This Week
| Loan Type | Rate Range | Down Payment | Best For |
|---|---|---|---|
| 30-Year Jumbo | 6.65% - 7.60% | 20-25% | Most single-family home purchases |
| 15-Year Jumbo | 6.00% - 6.85% | 20%+ | High-income buyers, faster equity |
| 30-Year Fixed Conventional | 6.30% - 7.10% | 10-20% | Condos under $1.15M |
| 7/1 ARM Jumbo | 6.50% - 7.30% | 20-25% | Buyers expecting to sell/refi in 7 years |
Rates updated October 26, 2025. Your actual rate depends on credit score, down payment, loan amount, and verified assets.
Santa Monica Mortgage Payment Examples
Median Santa Monica Home (Jumbo)
Home Price: $1,950,000
Down Payment: 20% ($390,000)
Loan Amount: $1,560,000
Interest Rate: 7.00% (Jumbo)
Monthly Payment Breakdown:
- Principal & Interest: $10,378
- Property Taxes: $1,185 ($1.95M × 0.73%)
- Homeowners Insurance: $325
- Total Monthly Payment: $11,888
Annual Income Needed: ~$510,000
Calculate your payment →Conventional Loan for a Condo
Home Price: $1,100,000
Down Payment: 20% ($220,000)
Loan Amount: $880,000
Interest Rate: 6.85% (Conventional)
Total Monthly Payment: $7,050 (incl. taxes, insurance, HOA)
Income Required: ~$300,000/year
Santa Monica Home Loan Programs
1. Jumbo Loans in Santa Monica
With a median home price near $2M, jumbo loans are the default financing vehicle for virtually all single-family homes and many luxury condos in Santa Monica.
Key Features:
- Required for loans over $1,149,825.
- 20-25% down payments are standard.
- Excellent credit (740+) and low DTI ratios are mandatory.
- Substantial post-closing reserves (12+ months of payments) are required.
Best For:
- High-income professionals in tech, entertainment, and finance.
- Buyers with significant liquid assets.
2. High-Balance Conventional Loans
For the city's robust condo market, high-balance conventional loans provide a more flexible financing option for properties priced under the $1,149,825 LA County limit.
Key Features:
- Finance condos and townhomes up to $1,149,825.
- Down payments of 10-20% are possible.
- More lenient underwriting compared to jumbo loans.
- Allows for gift funds for down payment.
Best For:
- Buyers of luxury condos and townhomes.
- First-time buyers with high incomes and good savings.
Santa Monica Neighborhood Mortgage Guide
North of Montana
$3M - $10M+
Home Type: Luxury Estates
Schools: Excellent
Typical Loan: Jumbo / Super-Jumbo
Buyer Profile: Executives, celebrities
Sunset Park
$1.8M - $3.5M
Home Type: Family Homes
Schools: Very Good
Typical Loan: Jumbo
Buyer Profile: Families, tech professionals
Ocean Park
$1.2M - $3M
Home Type: Condos & Beach Bungalows
Schools: Good
Typical Loan: Jumbo / Conventional
Buyer Profile: Creatives, entrepreneurs
Downtown Santa Monica
$800K - $1.5M
Home Type: Luxury Condos
Schools: N/A
Typical Loan: Conventional / Jumbo
Buyer Profile: Young professionals, second-home owners
Los Angeles County Loan Limits & Taxes
Los Angeles County 2025 Loan Limits
- Conforming Loan Limit: $1,149,825
- FHA Loan Limit: $1,149,825
- VA Loan Limit: No limit with full entitlement
What This Means for Santa Monica Buyers: The high-balance limit is primarily useful for condo buyers. Most single-family home purchases will exceed this limit, necessitating a jumbo loan.
Getting Pre-Approved for a Santa Monica Mortgage
Why Pre-Approval is Mandatory in Santa Monica
In Santa Monica's ultra-competitive market, sellers and their agents will not consider an offer without a full pre-approval letter for a jumbo loan from a reputable lender. It is the absolute first step before making any offer.
Santa Monica Mortgage & Housing Market FAQ
What income do I need to buy a home in Santa Monica?
For a median-priced home of $1.95M with 20% down, a household income of at least $500,000 is typically required to qualify for a jumbo loan, along with significant liquid assets.
How much down payment do I need for a jumbo loan in Santa Monica?
A 20% down payment is the standard minimum for jumbo loans. For loans over $3 million or for buyers with complex income, lenders may require 25-30% down.