Mortgage rates increased this week in San Francisco. In the meantime, the housing market in the area is experiencing a slow down after a red-hot start to the year, according to the San Jose Mercury News.
According to real estate information service CoreLogic Data Quick, price gains in the Bay Area began leveling out in June and have continued through July and August. February saw the highest gain with a 30 percent increase in single-family home prices; March noted a 28.7 percent uptick and April a 17 percent rise.
The benchmark 30-year fixed-rate mortgage in San Francisco grew to 4.23 percent from 4.16 percent, 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 4.33 percent.
The August 2014 median sale price of a single-family home in the Bay Area was $650,000 -- a 10.5 percent increase from a year prior. Whereas, August 2013 had a 35.2 percent increase from the previous year. Home sales generally slow in August, the News noted, and the City by the Bay is no exception.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, remained at 4.4 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.35 percent from 3.33 percent. The benchmark 5/1 adjustable-rate mortgage surged to 3.5 percent from 3.39 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Sept. 17 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:||4.23%||3.35%||3.50%||4.40%|
|Change from last week:||+0.07||+0.02||+0.11||N/C|
|Change from last week:||+$6.77||+$1.61||+$10.17||N/C|