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%.
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|
|Change from last week:||-$2.83||-$4||-$9.06||-$66.05|