Mortgage rates showed no clear direction in the San Francisco area this week.
Benchmark 30-year rate stays flat 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 stood at 3.49%.
For mortgages in this week's survey, there were an average of 0.24 discount and origination points.
"With the most popular mortgage rate doing a whole lot of nothing, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, remaining at $740.00.
No clear direction for other San Francisco mortgage types
On the other hand, the average rate for 30-year jumbo mortgages, used fell this week, down 3 basis points to 3.65%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the San Francisco area, that limit is $625,500.
The average rate for 15-year fixed-rate mortgages rose to 2.83%, up 2 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates upward, up $1.58 to $1,126.02.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate fell to 3.28% this week, a drop of 10 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the San Francisco area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.49%||2.83%||3.28%||3.65%|
|Change from last week:||N/C||+0.02||-0.10||-0.03|
|Change from last week:||N/C||+$1.58||-$9.04||-$10.57|