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Mortgage rates in San Francisco, California

By Clare Mallen · Bankrate.com
Thursday, February 4, 2016
Posted: 7 am ET

Mortgage rates decreased in San Francisco this week. Meanwhile, designs for the 2nd tallest skyscraper in the city are underway, the San Francisco Business Times reports.

A year ago, Chinese developer Oceanwide Holdings purchased the site at 1st and Mission streets for $300 million in anticipation of building the city's 2nd tallest tower. The tower will have a mix of office space, retail, a hotel and residential apartments. The developer hopes to have city approval by late spring and break ground at the end of the year, with construction taking 3 years, the Times reports.

This week's rates

The benchmark 30-year fixed-rate mortgage in San Francisco dipped to 3.89% from 3.92%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.88%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, sunk to 3.53% from 3.72%. The benchmark 15-year fixed-rate mortgage fell to 3.23% from 3.28%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.31% from 3.41%.

Weekly mortgage survey

Results from Bankrate's Feb. 3 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in San Francisco.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.89% 3.23% 3.31% 3.53%
Change from last week: -0.03 -0.05 -0.1 -0.19
Monthly payment: $777.31 $1,157.80 $723.54 $2,819.26
Change from last week: -$2.83 -$4 -$9.06 -$66.05
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