Mortgage rates rose in San Francisco this week. Meanwhile, the cost of a median-priced home continues to rise in the city, Curbed San Francisco reports.
In April, a median-priced home in San Francisco hit a new record of $1.225 million, surpassing March's record of $1.15 million, according to the latest market report from Paragon Real Estate. A year ago, the median price wasn't at the million-dollar mark yet.
Curbed noted that low inventory is part of the problem in San Francisco, with only 600 new listings per month this spring, compared with about 700 last year and 800 two years ago.
The benchmark 30-year fixed-rate mortgage in San Francisco grew to 3.91 percent from 3.88 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.26 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, surged to 4.19 percent from 4.06 percent. The benchmark 15-year fixed-rate mortgage remained at 3.14 percent. The benchmark 5/1 adjustable-rate mortgage inched up to 3.13 percent from 3.11 percent.
Weekly mortgage survey
|Results from Bankrate's May 20 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:||3.91%||3.14%||3.13%||4.19%|
|Change from last week:||+0.03||N/C||+0.02||+0.13|
|Change from last week:||+$2.84||N/C||+$1.80||+$47.62|