Mortgage rates fell in San Francisco this week. Meanwhile, the city leads the country in salary needed to purchase a home, National Mortgage News reported.
HSH.com looks quarterly at 27 metro areas, tracking the salaries needed to cover principal and interest payments on a 30-year fixed-rate mortgage. The fourth-quarter report found homeowners in the City by the Bay must earn $142,448 to afford a median-priced home.
Pittsburgh was the most affordable, with a salary of only $31,716 necessary to buy a home, as the city possesses low mortgage rates and had experienced a decline in home prices.
The benchmark 30-year fixed-rate mortgage in San Francisco dropped to 3.77 percent from 3.83 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 3.9 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, sunk to 4.03 percent from 4.22 percent. The benchmark 15-year fixed-rate mortgage dipped to 2.97 percent from 3.03 percent. The benchmark 5/1 adjustable-rate mortgage slumped to 3.25 percent from 3.36 percent.
Weekly mortgage survey
|Results from Bankrate's Feb. 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:||3.77%||2.97%||3.25%||4.03%|
|Change from last week:||-0.06||-0.06||-0.11||-0.19|
|Change from last week:||-$5.61||-$4.75||-$9.92||-$68.24|