Mortgage rates grew this week in San Francisco. Meanwhile, the Recreation and Park Commission turned down a condo project due to a city sunlight ordinance, the San Francisco Business Times reported.
This is the first time the decades-old ordinance has deterred a proposal. The six-story, 10-unit development would cast a shadow on nearby Victoria Manalo Draves Park, the only multipurpose public park in the area, according to residents. The commission voted unanimously to squash the proposed development in the South of Market district, according to the Times.
The San Francisco Chronicle reported that this vote is significant because this project was the first in a series of proposals near the SoMa park. SoMa has the fewest and smallest parks in the city coupled with the fastest-growing population, District Six Supervisor Jane Kim noted. The area has seen a 27 percent growth over the past 10 years. The sunlight ordinance, Proposition K Sunlight Ordinance, was passed in 1984 to protect the city's open spaces from shadows cast by new buildings higher than 40 feet.
The benchmark 30-year fixed-rate mortgage in San Francisco inched up to 3.72 percent from 3.7 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.81 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, spiked to 4.19 percent from 4.03 percent. The benchmark 15-year fixed-rate mortgage grew to 3.06 percent from 3.03 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.2 percent from 3.16 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 21 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:||3.72%||3.06%||3.2%||4.19%|
|Change from last week:||+0.02||+0.03||+0.04||+0.16|
|Change from last week:||+$1.87||+$2.39||+$3.61||+$58.66|