Rates Blog

Finance Blogs » Rates Blog » Mortgage rates in San Francisco, California

Mortgage rates in San Francisco, California

By Claes Bell · Bankrate.com
Thursday, September 29, 2016
Posted: 7 am ET

Multiple key mortgage rates receded in the San Francisco area this week.

Key 30-year rate ticks down in San Francisco

The average rate on the benchmark 30-year fixed-rate mortgage rate for the San Francisco area slid to 3.41%, according to Bankrate's national survey of large lenders. The local rate was down 6 basis points from last week, and was lower than the national average rate of 3.54%. A basis point is one-hundredth of 1 percentage point.

In this week's survey, the mortgages had an average of 0.25 discount and origination points.

"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as that turned out to be a smart bet," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage slid to $732.66, dropping $5.48 from last week, corresponding with the slip in mortgage rates.

Other San Francisco mortgage types decline

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 dropped 6 basis points as well, reaching 2.74%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, down $4.70 to $1,118.94.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this decrease in the 15-year fixed, a refinance will be more profitable to some homeowners," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate declined 6 points this week, slipping to 3.25%. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular variety of variable-rate mortgage.

RATE SEARCH: Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 9/28/2016. 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: 3.41% 2.74% 3.25% 3.53%
Change from last week: -0.06 -0.06 -0.06 -0.10
Monthly payment: $732.66 $1,118.94 $718.09 $2,819.26
Change from last week: -$5.48 -$4.70 -$5.42 -$34.87
«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
6 Comments
Bennett Dobbins
August 24, 2016 at 12:38 am

Deciding on the right mortgage is a big decision, so we re here to help you shop smarter. Our mortgage resources can help you feel more in control of your home financing. It pays to shop around for mortgage rates. That's why we make it easy for you to compare current San Francisco, CA rates from multiple lenders. Plus you'll save time by finding them all in one place.

John Rufus
August 03, 2016 at 6:33 pm

That’s where you can provide information on annual income, debt, property type and other factors that affect the mortgage rate you’ll be quoted from each lender.

china manufacturing
May 19, 2016 at 7:29 am

See here for the best sourcing consultant currently available on the market plus at great prices.

Add a comment

(Comments may take 5-10 minutes to appear)