Mortgage rates fell this week in San Francisco. Meanwhile, the San Jose Mercury News reported that the number of homes in the area with underwater mortgages has dropped.
The online real estate service Zillow released its quarterly report about underwater homes and found that negative equity is continuing to drop across the Bay Area, making way for more homes to be put on the market.
The benchmark 30-year fixed-rate mortgage in San Francisco dipped to 4.44 percent from 4.46 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.32 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
For more than a year now, the percentage of all condos, townhomes and houses with underwater mortgages has dropped in all four counties, Zillow reported. Yet home prices have risen over the past year, partly due to the small number of supply.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, dropped to 4.48 percent from 4.5 percent. The benchmark 15-year fixed-rate mortgage reduced to 3.45 percent from 3.48 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.24 percent from 3.29 percent.
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Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.44%||3.45%||3.24%||4.48%|
|Change from last week:||-0.02||-0.03||-0.05||-0.02|
|Change from last week:||-$1.95||-$2.42||-$4.52||-$7.42|