Mortgage rates grew this week in San Francisco. Meanwhile, Bloomberg Businessweek reported that Google Inc. is expanding its office space and signed this year's biggest leases in California's Silicon Valley and San Francisco.
Google, owner of the world's most popular search engine, this year expanded its Hills Plaza lease to 350,000 square feet. It also leased 901,000 square feet in Silicon Valley near its Mountain View headquarters, according to brokerage Cushman & Wakefield Inc. The Internet company plans to double its space in Seattle.
The benchmark 30-year fixed-rate mortgage in San Francisco stepped up to 4.44 percent from 4.4 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.34 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.55 percent.
The company's expansion in San Francisco, Silicon Valley and the Seattle area are making Google a significant commercial real estate presence, even though rent prices in these cities are 12 percent higher than the national average. According to Jones Lang LaSalle, these cities are the top three markets for technology job growth, college-educated workers and venture-capital funding.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, climbed to 4.63 percent from 4.53 percent. The benchmark 15-year fixed-rate mortgage rose to 3.48 percent from 3.4 percent. The benchmark 5/1 adjustable-rate mortgage increased to 3.28 percent from 3.24 percent.
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Weekly mortgage survey
|Results from Bankrate's Dec. 4 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%||3.48%||3.28%||4.63%|
|Change from last week:||+0.04||+0.08||+0.04||+0.10|
|Change from last week:||+$3.91||+$6.49||+$3.63||+$37.55|