Mortgage rates slumped this week in San Francisco. Meanwhile, technology company Yelp is expanding its headquarters in the city, the San Francisco Business Times reported.
Yelp will add another 102,324 square feet at 55 Hawthorne, a building just three blocks from its 123,000-square-foot headquarters. The company will take up three-quarters of the building, which currently houses Dell and the Greater Bay Area Make-A-Wish Foundation. An additional 34,000 square feet will be available by 2018, the Times noted.
The benchmark 30-year fixed-rate mortgage in San Francisco plummeted to 3.81 percent from 4.06 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
According to research by Cushman & Wakefield, only about 14 big blocks of space (defined as a contiguous area of 50,000 square feet or more) are left in the city. At this time last year over 31 spots of this size were available; seven more are currently under construction. These limits are driving up office rents in San Francisco, which were up 11.4 percent from last year, at $62.33 per square foot for Class A space.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, tumbled to 3.93 percent from 4.1 percent. The benchmark 15-year fixed-rate mortgage sunk to 3.11 percent from 3.3 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.14 percent from 3.29 percent.
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Weekly mortgage survey
|Results from Bankrate's Oct. 15 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:||3.81%||3.11%||3.14%||3.93%|
|Change from last week:||-0.25||-0.19||-0.15||-0.17|
|Change from last week:||-$23.31||-$15.09||-$13.41||-$60.71|