Several important mortgage rates floated higher in the San Francisco area this week.

Key 30-year rate higher in San Francisco

According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the San Francisco area grew to 4.00 percent. While it sat below the national average rate of 4.09 percent, the local rate was up 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.

In this week’s survey, the mortgages had an average of 0.78 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find it more expensive to borrow.

The growth in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $787.74, an uptick of $1.90 from last week.

Other San Francisco mortgage types mixed

On the other hand, the average rate for 30-year jumbo mortgages didn’t move this week, remaining at 4.10 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the San Francisco area, that limit is $636,150.

The average rate for 15-year fixed-rate mortgages increased 12 basis points, reaching 3.41 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved higher with rates, rising $9.71 to $1,172.28.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less advantageous than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate slid to 3.63 percent this week, a drop of 1 basis point. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $636,150 in the San Francisco area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.00% 3.41% 3.63% 4.10%
Change from last week: +0.02 +0.12 -0.01 N/C
Monthly payment: $787.74 $1,172.28 $752.95 $3,073.87
Change from last week: +$1.90 +$9.71 -$0.93 N/C

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.”