Multiple closely-watched mortgage rates increased in the San Diego area this week.
Benchmark 30-year rate higher in San Diego
The average rate on the benchmark 30-year fixed-rate mortgage rate for the San Diego area climbed to 3.92 percent, according to Bankrate's national survey of large lenders. While the local rate was up 4 basis points from last week, it was less than the national average rate of 3.99 percent. A basis point is one-hundredth of 1 percentage point.
In this week's survey, the mortgages had an average of 0.29 discount and origination points.
With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have gone up.
The rise in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $780.14, an addition of $3.79 from last week.
Other San Diego mortgage types mixed
The rate for 30-year jumbo mortgages also trended upward this week, up 9 points to 3.88 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 ticked upward 8 basis points as well, reaching 3.25 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved up with rates, scaling up $6.43 to $1,159.40.
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 ticked downwards to 3.38 percent this week, a drop of 4 basis points. The most common type of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted September 13, 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:||3.92%||3.25%||3.38%||3.88%|
|Change from last week:||+0.04||+0.08||-0.04||+0.09|
|Change from last week:||+$3.79||+$6.43||-$3.65||+$31.65|
Methodology: The "Bankrate.com 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 Bankrate.com 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."