Mortgage rates dropped in San Francisco this week. Meanwhile, the residential real estate market in the city cooled off in February, the San Francisco Business Times reported.
According to CoreLogic DataQuick data, the region experienced the lowest total number of February sales in seven years. In February, 1.1 percent fewer new and existing homes and condos sold from January, down 10.9 percent year over year. February 2014 had 4,911 sales with February 2015 having only 4,376 -- the lowest total for a February since 2008, when 3,989 homes sold.
The benchmark 30-year fixed-rate mortgage in San Francisco declined to 3.73 percent from 3.81 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.29 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, fell to 3.88 percent from 3.94 percent. The benchmark 15-year fixed-rate mortgage decreased to 2.97 percent from 3.03 percent. The benchmark 5/1 adjustable-rate mortgage inched down to 3.2 percent from 3.22 percent.
Weekly mortgage survey
|Results from Bankrate's March 25 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:||3.73%||2.97%||3.2%||3.88%|
|Change from last week:||-0.08||-0.06||-0.02||-0.06|
|Change from last week:||-$7.46||-$4.75||-$1.80||-$21.43|