Several benchmark mortgage rates saw an increase in the San Diego area this week.

Benchmark 30-year rate up in San Diego

The average rate on the benchmark 30-year fixed-rate mortgage rate for the San Diego area advanced to 4.00 percent, according to Bankrate’s national survey of large lenders. While it was below the national average rate of 4.09 percent, the local rate was up 12 basis points from last week. A basis point is one-hundredth of 1 percentage point.

In the survey for the current week, the mortgages had an average of 0.65 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have grown.

The rise in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $787.74, an increase of $11.46 from last week.

Other San Diego mortgage types go higher

The rate for 30-year jumbo mortgages also ticked up this week, climbing 12 basis points to 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the San Diego area, that limit is $612,950.

The average rate for 15-year fixed-rate mortgages increased a remarkable 25 basis points as well, reaching 3.50 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved upward with rates, rising $20.36 to $1,179.56.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate climbed an impressive 50 points this week, rising to 3.63 percent. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common type of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $612,950 in the San Diego area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.00% 3.50% 3.63% 4.00%
Change from last week: +0.12 +0.25 +0.50 +0.12
Monthly payment: $787.74 $1,179.56 $752.95 $2,926.32
Change from last week: +$11.46 +$20.36 +$47.20 +$42.56

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”