Mortgage rates rose in San Francisco this week. Meanwhile, a large percentage of homes are selling for over their asking price, SF Gate reports.
According to OpenHouse -- which tracks real-time market trends, for-sale and sold data -- in the 30 days from April 14 to May 14, 69% of all buyers paid over the asking price for the home they bought. The current median sale price of a home in the San Francisco area is $1.28 million with a median list price of $1.15 million. Also, homes are staying on the market fewer days, while the average number of offers on a home for sale is 5, SF Gate notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in San Francisco inched up to 3.69% from 3.66%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.82%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, jumped to 3.78% from 3.69%. The benchmark 15-year fixed-rate mortgage surged to 3.03% from 2.88%. The benchmark 5/1 adjustable-rate mortgage increased to 3.36% from 3.31%.
Weekly mortgage survey
|Results from Bankrate's May 25 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:||3.69%||3.03%||3.36%||3.78%|
|Change from last week:||+0.03||+0.15||+0.05||+0.09|
|Change from last week:||+$2.80||+$11.96||+$4.57||+$32.10|