What is the typical term length of a fixed-rate mortgage in California?

The typical term length of a fixed-rate mortgage in California is most commonly 15 or 30 years. These two terms are widely preferred by homebuyers because they provide a clear framework for repayment and have predictable monthly payments.

A 30-year fixed-rate mortgage is particularly popular as it allows borrowers to spread out the repayment of the principal and interest over a longer period, resulting in lower monthly payments compared to shorter-term loans. On the other hand, a 15-year fixed-rate mortgage attracts borrowers who want to pay off their homes faster and save on interest over the life of the loan, though monthly payments are higher.

The other option lengths, like 5 or 10 years, 10 or 20 years, and 20 or 40 years, are less common in the residential mortgage market. While they do exist in certain cases, they do not match the prevalence and acceptance of the 15 or 30-year terms. Thus, 15 or 30 years remains the standard for fixed-rate mortgages in California, making this the correct choice.