Mortgage Refinance Rates in ZIP Code 93923

Today's leading benchmark rate for refinance rates in 93923, Carmel-By-The-Sea, CA is 6.466% (with an estimated monthly payment of $3,331). Calibrated directly to 93923, Carmel-By-The-Sea, CA's local housing market, Safe Rate shows up-to-the-minute interest rates and points across Conventional, FHA, VA, and Jumbo loan programs daily.

Mortgage rates for refinance rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, rates for refinance rates in 93923, Carmel-By-The-Sea, CA have hovered between a low of 6.014% and a high of 6.585%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.

Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $2,111,532 in 93923, Carmel-By-The-Sea, CA, a standard 20%-down Conventional loan requires an upfront cash down payment of $422,306 but keeps your monthly payment lower at $6,621/mo (at 7.004% interest) with no monthly PMI. In comparison, an FHA loan requires only $73,904 (3.5% down) but has an estimated payment of $6,027/mo (at 5.936% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $2,037,628 exceeds the local HUD FHA limit of $1,209,750 for a 1-unit property, meaning entry-level buyers here will likely require conventional financing or a larger down payment to comply with government limits.

The 2025 conforming conventional loan limit for a 1-unit property in 93923 is $806,501. With a typical local home value of $2,111,532 in Carmel-By-The-Sea, a standard 20%-down mortgage requires a loan size of $1,689,226. Since this exceeds the conforming limit of $806,501, most typical transactions in Carmel-By-The-Sea require a non-conforming Jumbo loan, which demands stricter underwriting guidelines, higher credit scores, and larger asset reserves.

The median home value in 93923, Carmel-By-The-Sea, CA is estimated at $2,111,532. Buying a typical home here with a standard 20% down payment ($422,306) translates to an estimated starting monthly mortgage payment of $6,621 (principal and interest). Compared to the local area median household income of $150,752 ($12,563/mo), this basic housing payment represents approximately 52.7% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.